Mortgage Broker or Bank? – Mortgage issues



Whether you are thinking of buying a new property or taking advantage of the low interest rates today to consolidate high interest rate credit card debt, your first thought might be to call the bank.

Read this article first as it will save you time and money and explain why working with an independent mortgage professional is in your best interest.

Mortgage brokers are independent, trained professionals licensed to represent and provide you with the best advice on your mortgage needs.

We work with many different financial institutions, which allows us to offer you more choice and generally more competitive rates. This also means that our advice is impartial and based on what is in your best interest, not what is best for your bank.

We represent you, not the lender. (We must also take into account the interests of the lender and exercise due diligence.) We are not employees of any lending institution. Bank employees are salespeople, not mortgage professionals.

Each bank branch acts as a separate profit center, independent of their head office. They are rewarded and paid based on the return on their total mortgage portfolio.

As a mortgage broker, I will offer you the most favorable terms and rates in advance. This does not always happen in a bank. It is not in their best interest to offer you the best rates or refer you to another lender if they think the other lender has a better product.

The bank branch also has limited access to mortgage products as they can only offer what is available in their portfolio, and unfortunately, as mortgage brokers, we often see clients who have been granted restrictive mortgage products solely based on low rates that have been promoted banks.

We can sort dozens of lenders in the time it takes you to make an appointment with your bank. Buying a mortgage can be time consuming and tiring

if you do it yourself. We know the quality of the products offered by various lenders and can quickly compile a short list of those that best suit your needs. You will get the best features and rating in one stop.

Mortgage brokers work with the same reputable Canadian financial institutions that you deal with every day, but we have access to some innovative broker-only lending institutions that sometimes offer even more attractive rates and features.

We also work with alternative lenders for those who don’t fit into the box.

And best of all, you are helping us for free. In most cases, our fees are paid by the lender.

Please call me to arrange a free consultation whether you are buying a home, extending your existing mortgage, or looking for additional funds.

We can consider all of your options so you can make the best decision on the biggest financial transaction of your life.


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