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My Mortgage Blog

I often get the questions, "What's the difference between you and the bank?" and "Isn't it better to go to the bank directly?"

I love answering these questions because it allows me to highlight all of the benefits of working with a Mortgage Broker that you may not even know about! Here are just a few, but feel free to call me if you want an expanded version; 


What Brokers Offer


  A Mortgage Broker makes a career of servicing clients and hopes to work with the same clients through their home-ownership lifetime. They are typically available outside of 9-5 hours or available for urgent questions when making an offer; no 1-800 numbers or call centres!


A Mortgage Broker has access to multiple lenders and various policies that you may qualify for, to give you the best opportunity during your application. This also increases your chances of an approval and minimizes the number of credit checks on your credit report.


The mortgage and client is always the priority for brokers. Client relationships are essential and typically brokers get better turnaround time and rates because of the volume to the lenders compared to you as one person walking into a branch.



Brokers do 1 credit check, saves you time and money.


 Brokers and brokerages are licensed. Many are part of Mortgage Professionals Canada.


You don’t pay a broker for typical residential mortgage transactions. The lender pays for the broker services and it's not added to your mortgage. 


What Banks Offer


Unfortunately, bank employees typically have a high turn over rate and clients will unlikely be able to deal with the same person in the future. 


Banks have access to only their own products and they aren’t always the best option for your application.


 Bank specialists often have quotas they must meet, cross-selling other credit products. 


I offer a thorough pre-approval whereas at the bank you are more likely to receive just a rate hold.


Mortgage specialists from a bank are not licensed the same way Mortgage Brokerages are.

True Specialist

Banks have a focus on cross-selling their products. They may where different hats for different appointments. A broker focuses on mortgages, which are complex products to begin with!


Working with a Mortgage Broker like myself who offers thorough pre-approvals will help increase your chances of approval and give you a fantastic experience! It's completely up to you where you do business and who you do business with! Is it important to know who you're doing busienss with and be able to reach them in the future for questions? Because this is your biggest investment, would it be beneficial to work with someone who specializes in just mortgages and has access to multiple lenders and default loan insurers? How important is your time, money and good experience in buying your home? Good luck with your search and don't be shy - call anytime with questions!

Sarah Nixon-Miller, Mortgage Broker