Mortgage brokers in Prince Edward Island (PEI) are licensed either as a Real Estate Agent or as a Designated Representative of an Agent. The Prince Edward Island Real Estate Association (PEIREA) plays a key role in establishing the professional standards of the industry, and ensuring PEI mortgage brokers have all the relevant education needed to serve local needs. They both offer the licensing course for brokers, and administer the exam. PEIREA is a non-profit association that connects and supports mortgage brokers across Canada that’s established and maintains the code of professional conduct. Provincial organizations like this are important because they ensure that PEI mortgage brokers have the relevant education and experience needed to provide you with professional, unbiased guidance.
PEI is one of the smallest Canadian provinces, in terms of both size and population, with just 142,000 residents spread across its 232 islands. It’s largest city in every regard is its capital, Charlottetown. Other top towns include Summerside and Cornwall. Prince Edward Island’s economy is powered by a mix of industries like agriculture, fisheries and tourism. Besides being known for excellent seafood, the province is also known for Anne of Green Gables, a novel that was inspired by the region and written over 100 years ago. The narrative has inspired TV shows, musicals, and all kinds of 'content', and tourist groups continue to flock to the province year after year to visit the home that inspired the tale.
What exactly does a mortgage broker do?
Mortgage brokers match borrowers to lenders that meet their financial situation. They are financial professionals who work with banks, monoline lenders, investors and more.
Is it worth using a mortgage broker?
A mortgage broker can help you access rates and lenders that aren't readily advertised to the market. They can shop the market for you without hurting your credit score with multiple checks.
How does a mortgage broker get paid?
They get paid through commissions by the lender. Commissions range from 0.5% to 2% of your full mortgage amount.
Do mortgage brokers charge a fee?
Mortgage brokers don't typically charge a fee as they are paid by the lender. However they may charge an additional fee if your financial circumstances are more complex than the typical borrower.
When should you consult a mortgage broker?
It's best to meet with a mortgage broker before you start shopping for a home. A broker can set a realistic expectation of what you can afford and give you a pre approval. Realtors are more likely to work with you if you have a pre approval as it narrows down the budget which you can afford.