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Mortgage Brokers & Professional Advisors in Montreal

A mortgage broker helps you find the best mortgage available to you based on your financial situation. In Montréal, mortgage brokers are professionals with connections to several lenders and a number of mortgage solutions not normally available to the public. Canadian mortgage brokers are licensed based on their province. Accredited Mortgage Professional (AMP) is the only national standard for Canada’s mortgage industry and an additional mark of a broker’s credibility.

If you’re looking for a mortgage broker in Montréal, many people get referrals from people they know or look online for a broker of their own. At nesto, we have over 40 brokers throughout Canada who are ready to help out. Simply get in touch, and we’ll connect you with a mortgage broker who can help you find the right solution for you.

Key Takeaways:

  • Mortgage brokers have access to several lenders and can help you save money by finding the best possible interest rate based on your situation
  • Mortgage brokers in Montréal are licensed professionals who help connect borrowers with the best available mortgage products from a wide range of lenders
  • Mortgage brokers are paid for by the lender, so you don’t have to pay them any fees to use their services
  • Mortgage brokers in Montréal are licensed by the Organisme d’Autoréglementation du Courtage Immobilier du Québec (OACIQ)

How Mortgage Brokers Help Canadians Find Mortgages

Mortgage brokers can help you find a better deal on your mortgage since they usually have connections to many lenders at once. Similarly, a broker can use their network to find better rates and other mortgage options normally not available to the public. In addition, a mortgage broker will help you find a lender with favourable terms relative to your finances. A good mortgage broker will take the time to understand what your financial situation looks like and help you find the right lender for your needs.

Benefits of Using a Mortgage Broker

  • No fee for services: Mortgage brokers in Canada are paid by the lender once a borrower signs their mortgage contract. As a prospective home buyer, you don’t pay a mortgage broker a fee.
  • Save time: Mortgage brokers are already connected to several lenders and will know what options are likely available to you based on your finances. Brokers can help save you time on research and can provide expert advice to keep you from signing unfavourable mortgage contracts.
  • Get a better rate: Lenders work with some brokers exclusively to help them pre-select their clients. As a result, many brokers have access to solutions and mortgage rates not usually available to retail customers.
  • Peace of mind: A good mortgage broker will act in your best interests and try to get the best possible rate available for you. They’ll also understand the mortgage world better than most people and can help guide you in the right direction.
  • You could save money: Besides saving you money on your mortgage rate, mortgages also come with a range of up-front fees, from appraisals to application fees. In some instances, your mortgage broker may be able to work with a lender to waive some of these fees, potentially saving you thousands in up-front costs.

Home Loan Options in Montreal

Financing a home in Montreal can look different depending on your situation. For example, if you already own a home, you might want to save money on your monthly repayments by finding a lower rate when you renew or by refinancing your mortgage. On the other hand, if you’re a new homebuyer, you may want to look for first-time home buyer incentives in your province and federally.

Buying a Home

Buying a home is a major life event and involves many steps, lots of information, documents, and liaising with different people. It’s also a significant investment. If you’re looking for a mortgage to buy a home in Montreal, nesto can help you find the best rate available, and we also lend directly. If you’re looking for more information about the homebuying process, check out our guide to buying a home in 2022.

Renewing Your Mortgage

All mortgage contracts have what’s known as a term. Usually, a term is 5 years long. When your mortgage’s term matures, it’s time to renew your mortgage. The renewal process gives you an opportunity to reflect on your finances, your mortgage needs, and current interest rates. To learn more, explore our detailed guide on How to Renew Your Mortgage

Refinancing Your Mortgage

Refinancing is different from mortgage renewal. Renewal is an ongoing process that occurs when a mortgage’s term expires. Many people typically renew their mortgage with the same lender after 5 years on similar terms and without too much hassle. Refinancing, on the other hand, involves paying off your current mortgage by breaking it early and using another mortgage loan to cover it. People can refinance to take advantage of a lower interest rate or access equity for things like debt consolidation and renovations. Depending on your current mortgage, refinancing your mortgage will probably incur a prepayment penalty for breaking your term early.

First-Time Home Buyer Plans

First-time home buyers in Canada are in a tricky spot right now, with home prices nationwide hitting record highs in the last couple of years. However, there are a number of federal, provincial, and even some municipal first-time home buyer programs available to help you save money when buying your first home. Quebec’s First Time Home Buyer Programs include the Quebec Home Buyers’ Tax Credit and a Welcome Tax refund for residents of Montréal, plus the City of Montréal’s Home Purchase Assistance Program.

Organisme d’Autoréglementation du Courtage Immobilier du Québec (OACIQ)

Mortgage brokers in Montréal fall under the purview of the Organisme d’Autoréglementation du Courtage Immobilier du Québec (OACIQ). The OACIQ ensures proper conduct in real estate and mortgage brokerage in Quebec, and ensures compliance and enforcement of the Real Estate Brokerage Act. OACIQ is instructed by the Government of Quebec and reports to the Minister of Finance.

Mortgage Broker Licensing in Quebec

To become a mortgage broker in Montréal, an individual has to meet the education requirements at an OACIQ-recognized institution and pass the appropriate exam to receive an OACIQ license. All licensed mortgage brokers in Montréal are listed on the OACIQ website, where it’s also possible to verify a broker’s record to double-check their history and credibility.

Frequently Asked Questions (FAQ)

Here are some of the most commonly asked questions on mortgage brokers and professional mortgage advisors in Canada.

Is it worth going through a mortgage broker?

Many residents of Quebec use mortgage brokers, as they’re free to use and provide a whole range of benefits. Besides helping you find the best mortgage possible for your financial situation, mortgage brokers will also help you find better rates and have access to more lenders than the general public. If you want to save money and time on your mortgage, a broker is generally considered a good choice to make.

Is it better to use a bank or mortgage broker?

While many people in Montréal go directly to lenders, the use of mortgage brokers is becoming more popular recently. Particularly among first-time buyers who are already trying to navigate a complex and overwhelming housing market, using a mortgage broker provides further peace of mind that they are getting the best rate possible. Mortgage brokers have access to multiple lenders, including large banks and alternative lenders, so they can provide a more broad view of the mortgage market.

How much do most mortgage brokers charge?

Mortgage broker commissions vary and are always paid by the lender. A reasonable range for a broker’s commission is between 0.5% to 1.25% of your full mortgage amount. The exact percentage will also depend on the term and type of your mortgage.

Do you have to pay mortgage brokers?

No. Mortgage brokers are paid on the back end by the lender. Lenders are incentivised to find borrowers who will pay back their loans on time and in full, so it makes sense for them to work with a broker to find good candidates. As such, as a borrower, you won’t pay for a mortgage broker’s services in Montreal.

How nesto works

At nesto, all of our commission-free mortgage experts hold concurrent professional designations from one or more provinces. Our clients will receive the best advice and care when they speak with specialists that exceed the industry status quo. 

Unlike the industry norm, our agents are not commissioned but salaried employees. This means you’ll get free, unbiased advice on the most suitable mortgage solution for your unique needs. Our advisors are measured on the satisfaction and quality of advice they provide to their clients. 

nesto is working hard to change how the mortgage industry functions. We start with honest and transparent advice, followed by our best rates upfront. We can offer you these low rates using the fintech industry’s best-in-class and safest technology to provide a 100% digital online experience and process to reduce overhead costs.

By working remotely across Canada, all our mortgage experts and staff spend less time commuting to work and more time with their friends and family. This makes for more dedicated employees and contributes to our success with happy and satisfied clients.

nesto is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish.

Reach out to our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.

Regulatory Titles

In Ontario (FSRA), Mortgage Brokers and Agents both serve as the middle person between borrowers and lenders, helping clients find the most suitable mortgage options for their financing situation. A Mortgage Agent works under the supervision of a Mortgage Broker and assists in the mortgage application process. A Mortgage Broker may also be responsible for compliance requirements for their brokerage or a team.

The provinces of Quebec (AMF) and Newfoundland (Digital & Government Service NL) both exclusively utilize the designation of Mortgage Broker as a licensing designation.

British Columbia (BCFSA) has two distinct roles within the mortgage industry: the Submortgage Broker and the Mortgage Broker. These positions have specific responsibilities and functions that contribute to the overall process of securing mortgages for clients. The Submortgage Broker works under the supervision of a licensed Mortgage Broker and assists in various tasks, such as gathering client information, completing paperwork, and liaising with lenders. The Mortgage Broker oversees the entire mortgage application process, including assessing client needs, finding suitable mortgage options, negotiating terms, and ensuring compliance with regulations.

In Alberta (RECA) and New Brunswick (FCNB), the distinction between a Mortgage Associate and a Mortgage Broker lies in their roles and responsibilities within the mortgage industry. A Mortgage Associate typically works under the supervision of a Mortgage Broker and assists in the mortgage application process gathering necessary documentation, and providing support to clients. A Mortgage Broker is licensed to independently negotiate and arrange mortgage loans on behalf of clients, offering a more comprehensive range of mortgage options and expertise in the field.

In Saskatchewan (FCAA) and Nova Scotia (Government of Nova Scotia, Business Licensing), there are distinct roles for both Associate Mortgage Brokers and Mortgage Brokers. The critical difference lies in their level of experience and licensing requirements. Associate Mortgage Brokers work under the supervision of a licensed Mortgage Broker and are in the early stages of their career. They may assist with gathering client information and preparing mortgage applications. Mortgage Brokers have obtained the necessary qualifications and licences to operate independently and provide mortgage services directly to clients. They have the authority to negotiate mortgage terms, advise clients, and facilitate the mortgage process from start to finish.

In Manitoba (MSC), a Salesperson is primarily responsible for promoting and selling products or services, while an Authorised Official holds the authority to make legally binding decisions on behalf of the organization. These roles have different levels of authority and expertise, with the Salesperson focusing on sales and the Authorised Official having broader decision-making powers and acting as the liaison between the brokerage and the regulator. 

For a complete list of licensing terms in Canada, please see the Mortgage Broker Regulators’ Council of Canada (MBRCC) published list.

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