It used to be that the only people who went to mortgage brokers were people who had trouble qualifying for a mortgage. Today, many consumers take advantage of the specialized knowledge and expertise that mortgage brokers offer. Your mortgage broker will work with you to provide a mortgage solution with the best rate, options and features that match your needs.

Most mortgage brokers work with numerous financial institutions. This gives them access to a multitude of products and interest rates. They use technology to help you get the best mortgage. With bidding technology, the consumer first meets with his or her mortgage broker and supplies information about their assets and liabilities. The broker then inputs this information into an application that is subsequently sent to many lenders. The lenders review the application and provide the mortgage broker with an offer specifically for you. The mortgage broker then works with you to review the various bids and decide which best meets your particular needs. What makes this way of applying for a loan attractive to borrowers is that there is no fee -- the mortgage broker is paid his or her fee by the chosen lender. The other main consumer benefit is that the mortgage broker shops around on their behalf.

The reality today is that mortgage brokers are a strong force in the Canadian residential mortgage business. Lenders are looking to brokers as another channel through which mortgages and customers come together. Additionally, many buyers choose brokers because of the personal assistance they receive -- professional advice given at the customer’s convenience.

Consumers who just started a new job, are self-employed or do not have a record of steady employment and income, fall outside of normal bank lending criteria. Through a mortgage broker, however, they too may still be able to qualify for a mortgage. A mortgage broker can arrange a mortgage through what is called the secondary or private market. Regardless of one’s financial situation, a mortgage broker can assist the consumer with obtaining a mortgage solution.

Expertise, experience and know-how regarding how to find a flexible mortgage solution that best suits an individual’s needs are trademarks of the mortgage broker. These professionals work with you and for you and now originate more mortgages than ever before. They can find you suitable realtors, insurance agents and other home-related professionals. Additionally, their popularity is clearly on the rise with consumers. For more information on mortgage brokers, visit the web site of the Canadian Institute of Mortgage Brokers and Lenders. There is a wealth of information there. The address is www.cimbl.ca