What’s The Difference Between a Mortgage Broker and a Mortgage Advisor, how does it relate to your mortgage?
The terms Mortgage Broker and Mortgage Advisor sound very similar, and are sometimes used interchangeably, but they’re quite different. Sometimes Brokers and Advisors may call themselves different titles, but an Advisor wouldn’t call themselves a Broker. Here’s why;
Mortgage Broker
A Mortgage Broker is independent and doesn’t work for a financial institution. They work with banks and many other lenders that can suit a variety of financial situations, but the most important difference is they’re not employed by them. This gives them the autonomy to connect you with the right mortgage, with the freedom to suggest various brands and products. If your mortgage doesn’t work for one lender, it doesn’t necessarily mean your mortgage is declined – Brokers have options!
Mortgage Advisor
Alternatively, a Mortgage Advisor works for a financial institution and has available the mortgage products under that brand’s umbrella. If your mortgage doesn’t fit for that lender, your mortgage may be declined.
What's that mean for you? - Impartial Advice!
One of the biggest takeaways here is impartial advice. Because a Mortgage Broker is able to suggest one lender over another, their advice is impartial. We often seek independent legal advice for major life events, and impartial mortgage advice can go hand-in-hand. After all, it is your biggest investment!
One more thing...
Brokers may offer you better interest rates than if you walk into a branch yourself, suggest alternate forms of income or down payment options and help determine the best lender for you making your chance of approval higher the first time. All potentially making you a home owner sooner than you might think!
Still unsure?
When in doubt, ask! It’s ok to ask your mortgage professional who they work for and what brands and products they have available to them. This is your home and knowing your mortgage is an important piece of your financial picture.
Have a question? I'd love to hear from you.
sarahnm@mortgagegroup.com
1-888-315-6609