Lauren van den Berg
President & CEO,
Mortgage Professionals Canada
With the high cost of housing and economic uncertainty, there has never been a better time to consult a mortgage professional, because they’ll help cut out the noise and
provide a custom solution that fits the unique needs of anyone thinking of buying a home or an existing mortgage holder.
Mediaplanet sat down with CEO and President, Lauren van den Berg to ask some of the most pressing questions Canadian home buyers may have and to learn how any of the more than 15,000+ members of Mortgage Professionals Canada can help you navigate the mortgage process.
How does a mortgage broker take the stress out of home buying?
A broker will find the mortgage product that is best for you. They have access to a wide range of lenders, unlike a bank that can only offer their own products. They’re part of the same community as home buyers and brokers are obsessed with the housing market and staying on top of the latest trends, so you can be assured you’re getting the best advice.
What services do mortgage brokers offer?
A mortgage broker will be with you through the entire process. They do the research and the paperwork, which means you don’t have to worry about the administrative burden. They tailor solutions that fit your budget and circumstances, not just today, but where you want to be in the future. They can easily get you into the home of your dreams, because brokers shop around for the best rates and terms.
Do home buyers pay a fee for a broker’s services?
No. Mostly all Brokers are compensated by the lenders, not the consumer, so all the expert and unbiased advice and work a broker does is free for clients. However, it’s always a good idea to clarify if there are any potential fees upfront, which again, most often there are not. Given the increasing cost of living, it makes sense to use the services of a broker to get you the best deal for your home financing needs.
How can brokers be a good resource for first-time home buyers?
I can speak about this personally, because a few years ago, we bought our first home and we used a broker, before I even knew much about mortgage brokers. Their expertise was invaluable, and they took the stress away. They listened to what our goals were and what we wanted in a house. It’s not about just making a sale; mortgage brokers genuinely want to help find the right fit for someone’s future. For a first-time home buyer, a broker can take what could be a terrifying experience into an exciting next step in home ownership.
How does a broker support mortgage renewals or refinancing?
No matter the mortgage challenge, a broker can help. When it’s time for renewal or refinancing, they can advise whether it makes sense to stay with your current lender or find other options to get the best rate. With the Canadian economy facing shocks from U.S. tariff threats, individuals may need to reconsider their mortgage choices between fixed rates and variable rates. A broker can help navigate the economic uncertainty.
When in the home buying process should somebody consult a broker?
The number one thing I tell people is to find a mortgage broker before you start looking for a home, because they’re the ones who can tell you exactly what you can and can’t afford. It can be devastating for people to have their eyes on a dream home, only to learn that it’s just out of reach.
Why has Mortgage Professionals Canada advocated for changes for lenders to verify a buyer’s income?
We have been advocating for additional income verification measures because it’s absolutely vital for safeguarding consumers against mortgage fraud and money laundering. While almost all prospective borrowers are open and forthright when sharing their financial information, some are not. Right now, lenders are essentially taking someone’s word when it comes to verifying income, but if we could verify that information, this could help reduce cases. Similar to a credit report with credit bureaus, the CRA would confirm the income reported on a client’s tax return, ensuring the accuracy of the information provided.
How does someone find a mortgage broker?
It’s easy to find a qualified and licensed broker at findmeabroker.ca. Simply input your postal code and instantly be connected with brokers in your area. We want to make it easy to find the right professional who can provide expert guidance through your home buying journey. We take a lot of pride in in being part of an industry that empowers Canadians with choice and knowledge in one of the most significant decisions of their life. Everyone should use a mortgage broker to help make their housing dream a reality.
Find A broker with Mortgage Professionals Canada today findmeabroker.ca.
