Unlike a bank, a mortgage brokerage works with as many as 35 different lenders, giving you access to hundreds of mortgage products. This breadth of choices allows you to select the product that is most appropriate for your circumstances. Whether specific terms or rates are of greatest importance, or the structure of the loan product itself, a mortgage broker in Canada is able to help you decipher the options and select the most beneficial product. The market in Ontario is complex and cluttered with options; having an expert who can serve as both a teacher and advocate is a significant advantage.
While bank representatives are subject to banker’s hours, and often transfer within the organization, a mortgage broker in Canada can serve as a single point of contact. Mortgage brokerages tends to have extended hours, offer a degree of mobility (many brokers and agents will meet you in the comfort of your own home or, if you prefer, in their office), and have a stable staff that you can continue to rely on for many years. Furthermore, because a broker’s interest is aligned with yours, he or she will be anxious to remain involved and see you through the process. A bank employee is paid by the bank, regardless of whether your business is carefully handled or overlooked.
With all of the lenders and products available in the market, simply understanding the choices available is a daunting task. An expert in the field, mortgage brokers are not only able to understand available choices, but make meaningful comparisons between them. They have access to the products of many lenders and can help you to decipher the differences and make the choice that is most appropriate. Because they have no incentive to work with one lender over another, you will receive an unbiased analysis of different choice; a bank employee can only offer that institution’s products and want to make the best deal for the bank. A broker’s interests are aligned with his or her clients because referrals are the best source of new business for a mortgage broker. If they establish strong and lasting relationships, their success will grow as does that of their clients.
In general, the mortgage brokerage model is superior because it more appropriately aligns the interests of the expert and the consumer. A bank is in the business of making money for itself. A broker earns a commission by doing an excellent job for his or her clients, regardless of the lender or product that is selected.
I have been a mortgage broker for more than a decade. Experiencing all types of markets, I am very knowledgeable on how to "get deals done". When I work with my clients, I leave no stone unturned when it comes to getting deals approved.