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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Broker-Agent


Synonyms:go-between, middleperson, representative
Filed Under: financial-banking, insurance, investments
Tags: agent, banking, insurance, investment
 

Definition of broker-agent

broker-agent
1. Licensed as both a broker and an agent, a broker-agent represents a select group of insurers or financial institutions while also searching the market for the best products for their clients.

Related Terms and Acronyms:

  • agent (agt)   A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
  • broker (Bkr)   A person or firm who acts on behalf of another.
  • insurance broker   An agent who sells insurance policies.
  • Mortgage Broker (MB)   One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
  • third-party administrator (TPA)   A claims administrator that is hired to process insurance claims and/or employee benefits for another party.

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An amortization is the amount of time scheduled to completely pay off a loan, and the amortization length you choose is important in shaping how much you'll end up paying for your home. While the Government of Canada's national housing agency caps the amortization period for high-ratio mortgages at 25 years, and that is the most popular amortization length in Canada, amortizations can range anywhere from 5 to 30 years for uninsured mortgages. Try our easy to use mortgage calculator to see how changing the amortization length affects your loan payments.
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