Using a Mortgage Broker vs. a Bank Institution

Career

  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!

Network

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.

Care

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.

Convenience

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

Accountability

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

Free

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. 

Employees

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. 

Limited

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

Quotas

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

Convenience

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

Accountability

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!