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Mortgage Broker

Courtage en hypothèque
Courtage en hypothèque

Did you know independent mortgage brokers do not work for financial institutions? They work for you and they are the best suited professionals to get you the best loan conditions on the market. In addition, you are protected since the underwriting of mortgage products in Quebec is regulated in order to protect the public. The organization in charge of the public’s protection in Quebec is called The Organisme d'Autorèglementation du Courtage Immobilier du Québec or OACIQ. Before advising anyone regarding their mortgage loan needs, mortgage brokers must successfully complete training and obtain a valid license delivered by OACIQ. You can verify a broker’s registration here: http://www.oaciq.com/cgi-bin/WebObjects/RegistreJava.woa/wa/conditionsUt... Steps with a Mortgage Broker The Mandate After only 1 meeting, you will obtain the services of more than 20 financial institutions! In order to proceed, the mortgage broker will need an authorization from you (The Mandate). This authorization will allow the mortgage broker to: • Complete the financial form; • Build a file with the information required by the lenders to provide you with a mortgage; • Obtain 1 copy from your credit bureau which will be valid for all financial institutions; • Submit requests to several financial institutions on your behalf; • Negotiate the best loan conditions on your behalf; The Financial Questionnaire In order to offer you solutions adapted to your needs, the mortgage broker must have a good knowledge of your financial situation to be able to make you a recommendation. The mortgage broker will have to document your financial information such as: • Your household budget • Details regarding your personal report • Your personal goals • Your company’s information (if applicable) The File Be prepared for the mortgage broker to ask you for the following information: • A letter confirming employment; • Your last pay stub; • The last 2 tax assessments, provincial and federal; • The proof your downpayment has been set up for more than 90 days; • A photocopy of your driver’s license or any official picture ID card; • A void cheque; • An accepted offer-to-purchase; • The property’s descriptive sheet; • The notary’s name who will record the transaction. You Are in Good Hands The mortgage broker has the knowledge to complete your loan according to the regulations. He has access to continuous training offered by the OACIQ and he has to undergo mandatory training upon the organization’s request. Therefore, you are assured he possesses all the necessary abilities to offer you an outstanding service.