A loan broker is a consultant which is independent from the financial institutions, who assists, advises and represents the clients in order to obtain a loan. All credit offers must be presented with transparency and objectivity in order to facilitate the choice in full awareness of the person who wants to obtain the money. The services of a broker are adding value by saving time, but also because no additional costs are charged to clients, given that the financial institutions are those who pay the fee for the loan brokers. If you are interested I the most advantageous Canadian mortgage rates you should ask the best mortgage broker.
We have shown above what a loan broker should be. Unfortunately, lately there are all kinds of companies who claim to be good loan brokers, but by their actions meet very few professional, moral and ethical criteria, which are characteristic of this profession. For instance, there are companies who claim to be loan brokers, or, more accurately, their agents, who encourage their clients to borrow money from the bank which pays them the highest commissions. There are others who, though claiming their services are free of charge, require certain fees from their customers! And some of them act this way even in the situation in which the bank refuses to grant the loan in the end!
Such practices have no place when it comes to a serious mortgage broker. With the serious, professional companies, the commission paid to the agents is the same, regardless of the level of payment negotiated with each bank separately, in order to eliminate all the possible influences upon the customer.
There are many examples of what the representative of a professional loan broker must not ever do. The agent must not promise the credit approval or any specific period of time when the client request will be resolved, because it only depends on the bank. Also, the agent should not teach the clients how to cheat the bank in order to be granted a loan, but to advise them, suggesting that funding products that fit their situation best. In addition, serious loan brokers will not charge the clients for their services.
The most important criterion taken into account by the customers is the maximum loan that they can access. That is because the credit money is generally used for the acquisition of properties, such as houses, apartments, etc. There are a lot of people who look at the costs or who are interested in the bank granting them the loan. They are usually looking for the best Canadian mortgage rates in order to obtain the best possible product for their future plans.
When you go to loan brokers, all the services regarding the documents and the file will be conducted free for all the applicants; the brokers are rewarded by the partner bank, when the loan is approved. Therefore, your risk is reduced to zero, while their efforts will be maximum.
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