Use AMP When Choosing a Mortgage Broker in Toronto
Take a quick look through the Yellow Pages and you’ll see just how many mortgage brokers there are in Toronto. It can take a lot for a homebuyer to sort the good from the bad, and the best from the good. One way to quickly narrow the field is by looking for a mortgage broker in Toronto that has an AMP designation. But what is AMP, and why is it so important when choosing a mortgage broker?
AMP stands for the Accredited Mortgage Professional, and is a designation given through a program implemented by the Canadian Association of Accredited Mortgage Professionals (CAAMP.) In order to be eligible for an AMP designation mortgage brokers in Toronto, and throughout the rest of the country, must have at least five years of experience as a mortgage broker. Brokers who don’t have this experience can still apply for an AMP designation, but only after they have taken a rigorous training program designed to ensure that the broker meets certain standards and requirements in the industry. Not only must mortgage brokers have this knowledge when they first acquire their designation, but they must also agree to ten hours of continuing education every year that they hold the designation. This ensures that mortgage brokers with an AMP designation are keeping up to date on mortgages in Canada, and are current with the latest trends and industry news.
One of the benefits of making sure your mortgage broker has an AMP designation is that it’s the only national designation; all the other mortgage broker licensing requirements and regulations are decided by provincial governments. So if you’re in Vancouver but need a mortgage broker in Toronto to help you with your cross-country move, you may not be able to compare Vancouver’s licensing requirements with that of an Ontario mortgage broker. But, you can check to see if a mortgage broker in Toronto has an AMP designation, and be reassured that they are properly licensed, and have met stringent CAAMP guidelines.
Mortgage brokers with an AMP designation are generally also members of CAAMP, an association with their own requirements for brokers who want to be members. Because of that, when you choose a mortgage broker in Toronto with an AMP designation, you’ll also know that the mortgage broker is committed to providing the best possible service; and that they have some of the best knowledge in the industry to do so.
There are many great mortgage brokers in Toronto that help thousands of homebuyers get their dream home every day. While the choice is good, it can also be a little overwhelming. Whether you’re making your choice from Vancouver or Mississauga, narrow your choice by choosing a mortgage broker in Toronto that has the AMP designation. This is a great start to making sure that the mortgage broker you choose is the one that meets industry standards, and will be obligated to up until it’s time to refinance or renew your mortgage.
Bryan J is the author of this article. For more information about Toronto Mortgage Broker and Mortgage Broker Canada please visit canadianmortgagesinc.ca.
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