"home loan lending"

If you are going to apply for a mortgage, you will feel that you are in a sort of contest with the lender, since you are on two opposing sides of the transaction. The lending institution wants the highest interest rate so he can increase his profits, and you want the lowest interest rate so you can have the lowest mortgage payment. A mortgage consultant (courtier hypothecaire) will be a middle man in these transactions. So, you ask, is the mortgage broker there for the borrower or for the lender? If you realize that the fee is paid by the lender, you may have the conclusion that the consultant is there for the lender. Fortunately, this is not so. The home loan business is a very competitive industry in Canada. Some large mortgage brokers (courtier hypotheque) handle billions of dollars of home loans annually. LendersLending institutions are interested in working with brokers so they can increase their loan business as much as possible. Lenders offer all brokers (courtier hypothecaire) about the same fees. This means that each broker can be fairly autonomous, since he will make the same commission regardless of which lender he works with. (Of course, borrowershome buyers) like this solution since it means that they do not have to pay a fee.) Competition like this makes lenders want to work with brokers to expand their business prospects, and it means that a borrower’s file will be seen by dozens of lenders. This is the reason the borrower can be considered a client of the broker (courtier hypothécaire). A broker will try to get the best home loan package for each of his clients. Since a broker will make the identical commission from any lender, his aim will be: •Make sure his clients are happy and will become repeat customers •Make sure his clients are happy and will refer him to others A mortgage broker (courtier hypothécaire) will earn his salary by the fees he is paid. They want to build up a satisfied client base so that their reputation, and consequently the amount of business (and commissions) will get bigger. for more information on home loan lending go to home loan lending