The mortgage landscape in Canada has changed,  making it increasingly difficult for Canadians to purchase a home, particularly first-time buyers.

Navigating the real estate and mortgage process with the help of an expert mortgage broker can help set your mind at ease and ensure you're making the right choice when it comes to one of the largest financial decisions of your life.

Over half of all first-time house and condo buyers in Canada use the services of a mortgage broker and it’s easy to see why. Mortgage brokers are knowledgeable about all the various mortgage products and rate options available, as well as issues and trends that may affect you and your mortgage now and in the future.

A mortgage broker will work with you to fully understand your personal situation— your combined household income, the type of work you and your partner do, whether you’re new to Canada or self-employed, your total assets and general monthly expenses, and your work/life expectations. Armed with this knowledge, they’ll be able to negotiate with multiple lenders on your behalf including banks, credit unions, and trust companies, as well as alternate and private lenders. This means more choice for you and better access to a product and rate that will meet your specific requirements. In the vast majority of cases, mortgage brokers in Canada are paid by the lender once they successfully secure your mortgage, so there is no cost to you.

Mortgage brokers are experts who understand the regulatory environment and rules of conduct for all types of lenders. In today’s marketplace, it’s important to know that not all mortgage lenders are subject to the same requirements— a broker can compare and contract the advantages and disadvantages of each mortgage product available. 

In a rapidly-shifting housing environment, the services offered by a mortgage broker are invaluable. Buying a condo is a sound investment, however it’s critical to fully understand what it entails. Through their expertise and experience, a mortgage broker will ensure you understand each step of the process and help increase your condo-buying confidence.

If you're in the market to purchase a condo, trust in the advice and knowledge of a broker who is a member of Canada’s national mortgage industry association. Mortgage Professionals Canada members are committed to providing the highest level of service and meeting your condo-buying needs. They'll help you navigate the complexities of obtaining a mortgage and ultimately help you achieve your goals.