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Home Loans
While a term more often used in the United States than in Canada, a home loan is a generic term for any financial loan that is secured by the equity in a borrower's home.
In Canada home loans most frequently take the form of mortgages, home renovation loans, home equity lines of credit and reverse mortgages. Each uses the borrower's home as collateral to reduce the lender's risk.
To find the right home loan type for your needs, consult a home finance expert and start by using our Find a GURU search tool.
Ontario Mortgage Brokers and Agents must now be Licensed
Ontario Mortgage Brokers and Agents must now be Licensed
ARTICLE HIGHLIGHTS:
Homeowners need to ensure their mortgage brokers meets specific education, experience, and suitability requirements.
The Government of Ontario has taken an important step recently to enhance consumer protection in the mortgage brokering industry.
As of July 1, 2008, under the new Mortgage Brokerages, Lenders and Administrators Act, 2006, all businesses and individuals who conduct mortgage brokering activities in Ontario must be licensed with the Financial Services Commission of Ontario (FSCO). FSCO is an arm's-length agency of the Ministry of Finance and is responsible for regulating the activities of all mortgage brokerages, administrators, brokers and agents throughout the province.
Under the new act, all mortgage brokers and agents now need to meet specific education, experience, and suitability requirements. In addition, the law requires each mortgage brokerage to appoint a principal broker to ensure employees are adequately supervised and that requirements are followed. As important, the new law makes mortgage brokerages more responsible for the actions of their brokers and agents. The new law is expected to enhance consumer protection, encourage greater competition and increase professionalism in the mortgage brokering industry.
If you would like to make sure you're dealing with a licensed mortgage professional, a full list of mortgage brokerages, administrators, brokers and agents is available under the Mortgage Brokers section on the FSCO website: www.fsco.gov.on.ca. The website also includes many valuable consumer resources, such as brochures, frequently asked questions and videos.
