In the past, people looking to buy property would rely solely on banks for their mortgage needs. However, it is now possible to work with a licensed mortgage broker who has access to multiple lenders and mortgage rates.
In order to be well informed about the mortgage process, it's important to discuss the key differences between banks and mortgage brokers.
A licensed mortgage broker essentially negotiates on your behalf, offering you the best product and competitive rates. They work with a variety of lenders so they can provide a wide range of options. As they are not tied to one institution, they are able to offer unbiased advice. They are paid by the lender so there is no fee to the buyer.
Banks can offer good customer service, but because they are very large institutions, customers often feel they are not getting the attention they deserve and that their concerns aren't being heard. A mortgage broker can translate all knowledge of mortgages into easy to understand terms so you know exactly what you’re getting into. They are more accessible and offer you creative financing.
Banks sell mortgages also sell RRSP’s, chequing accounts, money orders and savings bonds, and this means that their knowledge of home financing can sometimes be limited. They are limited to one type of mortgage product and often times they have very limited financing options.
With us, you have a real mortgage partner - we're on your side and ready to listen. Buying property can be overwhelming and it's crucial to select a knowledgable, experienced mortgage broker who can simplify the process. Get in touch today for the best mortgage experience and the best possible deal!