Mortgage Broker or The Bank?

When purchasing, refinancing or renewing your mortgage you may find yourself asking where to go.  A mortgage broker or the bank? Well here is a list of pros and cons so you can figure out your best option (hint: its not the bank!).

The main difference between the two is that a bank mortgage representative only has products that their financial institution offers, limiting what might be available to you.  Mortgage brokers work with many different lenders to shop the market and find the best rate and product available for your situation.  Our office has access to over 30 lenders who compete for your mortgage.

Mortgage Brokers

• We’re a one stop shop! You don’t need to shop around, that is what mortgage brokers do.  You fill out one application and we shop the market for you and present you with multiple options suited to your needs.
• Can get better rates than what major banks offer
• We’re mortgage experts and stay up to date on what all of the different lenders can provide, making it fast and easy to find the best product for you
• Access to private lenders to help those out who may not be able to get approved by a major bank due to poor credit history, self-employment, etc.
• You don’t pay us, we get paid by the lender.
• Your mortgage partner for life.  We actively look for ways for you to become Mortgage Free Sooner through out the life span of your mortgage (e.g., breaking terms early for lower rates if it makes sense).

Banks

• You may already have a relationship with the bank and its staff, so its comfortable
• It may be more efficient if the bank already has access to your personal banking accounts, credit card history, investments, etc.You would have to provide this information to a mortgage broker.
• Larger institution’s may provide more peace of mind
• There is a larger range of financial products available to you other than just mortgages and HELOC’s, however this could lead to less specialization in mortgages.

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If you are looking for mortgage financing, contact The Mortgage Centre KW today!