Rules – "…principles or regulations governing conduct, action, procedure, arrangement, etc.”
Rules are usually in place for a reason; often to protect citizens. That’s true in financial services too. Banks have rules set out by regulators – government agencies, like the Superintendent of Financial Services. It’s important to have rules in what is often an unbalanced relationship – after all, when were you ever taught about banking, mortgages, and interest rates? Unless you’re a trained economist, you have to put your ‘trust’ in your financial advisors; and it’s good to know the people you are trusting are bound, by regulation, to treat you fairly. It might seem like good business, common sense, or good customer service, but the rules set out by regulators give you a surety of fairness you can depend on.
Using a Mortgage Broker for Regulated Protection
So, if banks have rules, what about mortgage brokers? The answer is ‘Yes,’ mortgage brokers like Canadalend are also regulated. That means by using a mortgage broker, you get regulated protection from the lender and from the broker. That’s two layers of regulation protecting you. It’s called compliance; following or ‘complying’ with the rules – and can give borrowers greater peace of mind.
In fact, there are the ‘official’ rules, and also some lesser, ‘unofficial’ rules, a sort of third layer of protection. Banks have reputations, brands if you like, that go a long way to attracting and keeping customers. Mortgage brokers like Canadalend do business with lots of high profile banks, and that means the banks see Canadalend as a company that helps their image – and that can tell you a lot about Canadalend’s compliance policy and performance.
What We Offer at Canadalend
At Canadalend, compliance goes far beyond the requirements; we not only arrange mortgages, we give professional financial advice. At Canadalend.com, we love working with people, getting to know them, and helping them get a mortgage to buy their dream home. Even after your successful mortgage transaction, your Canadalend.com agent can continue to be a great support, providing you with advice, queries, and even referrals. At Canadalend.com, we want to help you achieve your financial goals, both now and in the future.
So, by using a mortgage brokerage like Canadalend, you can feel you are in good, professional hands that are ‘bound’ to treat you fairly. Important details you need to know will be explained, like who determines the value of your home (the lender’s appraisal), what qualifies as ‘income’ or a ‘down-payment,’ and what happens if your home purchase doesn’t close on time.
A mortgage is a big decision, and you need to know the trust you place in your lender is backed by strong regulation, professional service and informed answers to your questions.
It’s a wonderful thing