How to Choose Mortgage Provider – Mortgage Broker VS. Bank

MORTGAGE BROKERS WORK FOR YOU

Let’s settle the debate; Mortgage Broker vs. Bank. The biggest difference between Mortgage Brokers and Your Bank is that Mortgage Brokers work for YOU. Bank branch mortgage brokers are required to sell the services and products offered by their bank. As a Mortgage Broker, my job is to work as a link between you and the lender. I’ll filter through the offerings to find you the best rate and product for your specific needs. This makes it so that you don’t have to go from bank to bank yourself. The best part is that my services are FREE! This means you get all my expertise (15+ years of Mortgage Broker experience) at no cost to you!

MORTGAGE BROKERS CARE FOR THEIR CLIENTS

I love this industry and have had so much longevity in my career because I want to help my clients get what they need. Home is the most important place to all of us. I know helping people into a home with a great mortgage is a special job. It’s important that my clients feel I’ve taken the time to understand what they’re looking for. I’ve hit the mark in finding this for them, as most of my business is through word-of-mouth.

LICENSING – Mortgage Broker VS. Bank

It might surprise you that bank Mortgage Agents are not required to have formal training or licensing. While some lenders provide in-house training, this varies from the provincially regulated course mortgage brokers are required to pass. As a Mortgage Broker, I also continue to maintain my education through license renewals and educational courses that are mandated by my professional body (similar to your accountant, doctor, etc.). As a result, a Mortgage Broker provides expert advice you can trust!

MORTGAGE BROKERS HAVE GREATER ACCESS TO RATES

As a Mortgage Broker with Dominion Lending Centres Mortgage Excellence, I have access to 90+ lenders, while the bank’s employees can only access their particular lender’s products. This can mean a big difference in rates and, importantly, mortgage terms for my clients! My job as your mortgage broker is to understand your plans today and in the future and find the perfect mortgage terms to match this plan while shopping the chartered banks, trust companies, and credit unions we work together with. I want you to understand all your options, not just one option.

MORTGAGE BROKERS FOCUS ON MORTGAGES

All I do is mortgage; I live and breathe home ownership! Bank staff is often trained with a focus on cross-selling. When you make a mortgage appointment, they often focus on other bank products such as credit cards, insurance, lines of credit, etc. This can sometimes be helpful, but many potential homeowners find it overwhelming. This can be especially overwhelming when you seek a single product – a mortgage. Since mortgages are my sole focus, it’s my duty to stay up to date with product and policy changes. I stay up to date with banks and products across the board. This means I may know about a product that will make or break your plans for home ownership.

MORTGAGE BROKERS OFFER FLEXIBLE HOURS

The saying “bankers hours” exists for a reason, and these restrictive hours can make it hard to book an appointment. My business is structured in a way that makes it easy for clients all over the country to complete their mortgages with me, no matter their work schedule. Since meeting in person can be challenging, video calls and a series of recorded videos will guide you through the process on your schedule.

How to Choose Mortgage Provider – Mortgage Broker VS. Bank

Ultimately, choosing a mortgage broker is choosing a personal advocate vs. a bank advocate in your mortgage process. Take the first step toward opening your dream home and apply today. Click here to contact me, or if you’d like to start an application, you can click here!

Have more questions? Curious about what it looks like to work with a Mortgage Broker? Email me at megan@meganlemay.ca or click the link below to start your application!