A Mortgage Broker has many advantages. While a bank branch is limited to offering products from its institution, which may not benefit everyone, a professional mortgage broker can show you every option.
Brokers have access to multiple lenders and with their expertise, can secure the mortgage that fits you.
Every Year More Canadians Seek Expertise From A Mortgage Professional. Every bank has its qualifying criteria and may not have a mortgage that meets your unique needs. That’s where the expertise of a Mortgage Broker comes in. We secure the mortgage through a top Canadian mortgage lender with one application. This saves you time, protects your credit, and saves you money!
One Convenient Application
Our convenient mortgage application can be used with all of our lenders, making it quick and easy to compare all of your options.
This saves a lot of time, but also reduces the need for multiple credit inquiries each lender would perform.
Multiple Applications
Each branch will have its own application and in order to compare each lenders option, one would have to complete a mortgage application at each branch.
Not only is this time consuming, it also affects your credit score, each time a lender makes an inquiry.
Unlimited Mortgage Options
Brokers are not employed by one bank or lender. We have your best interest and secure the mortgage that suits you from one of many lenders, credit unions or banks, even the big banks.
Limited Options
Bank representatives are limited by the bank in which they are employed and their one mortgage product. This isn’t ideal as bank reps are commissioned based, not in the client’s best interest, as that product may not be the best fit for the client’s needs.
Wholesale Rates
Mortgage Rates available to brokers are wholesale rates. We skip the branch and get our rates directly from the lender at a discount. This is why we always have the lowest rates.
Retail Rates
Mortgage rates at each bank branch may differ, even within the same chain of banks. This is because they operate the same as retail stores. The larger the bank typically comes with a higher interest rate.
Variety of Qualifying Methods
With each bank having its own qualifying criteria we look at the property, income, credit, and all of the factors so that we secure the mortgage with the lender that suits your situation the best.
Only their Method
Each bank will have its own qualifying criteria and policy when it comes to the mortgage products they offer. The property’s location, the type of income, credit, down payment, among other factors may not be accepted at each bank which narrows your options.
Larger Mortgage Amounts
Having access to Canada’s top lenders, banks, and credit unions allows us to secure a larger mortgage through one of these lenders who cater to specific employment types and situations.
Only their Mortgage Amount
With fewer mortgage options, banks may not be able to offer the same mortgage amounts, depending on their qualifying criteria.
Low Penalties
Brokers navigate around IRD penalties and the majority of the preferred lenders only charge 0.5% of the mortgage balance or nothing at all depending on the situation.
High Penalties
Banks charge on average 4.5% of the mortgage balance whenever a mortgage is changed, altered or broken. 65% of Canadians unknowingly pay these penalties and it is among the top moneymakers for banks.
More Renewal Options
Brokers are involved in the whole process, from the first mortgage payment up until you are mortgage-free. We check in annually and if rates have changed and we can put more money in your pocket. We are ahead of each renewal outlining your options as things may have changed over the years.
Few Renewal Options
The branch is where the bank tries to generate new business, hit sales goals and sell their product. However, when your mortgage is up for renewal, that branch is no longer involved. You receive a letter in the mail outlining your options, nothing more nothing less.
Licensed
Brokers are mortgage professionals licensed in the field. There are provincial and federal regulations that must be adhered too.
For more information on Governance, please visit Mortgage Professionals Canada.
Not Licensed
A representative at the bank is employed through that bank and only has knowledge of their mortgage product they offer. These reps are not licensed or trained in all of the available mortgage options. Some also have a high sales environment.
Flexible Hours
Our convenient mortgage application can be used with all of our lenders, making it quick and easy to compare all of your options.
This saves a lot of time, but also reduces the need for multiple credit inquiries each lender would perform.
Strict Hours
Banks hold ‘Banker Hours’ which may not be ideal for most people. Taking time off of work, booking an appointment and waiting in a branch is not great business.
Regardless if you had an account since you were seventeen, mortgages are complex and discounting a $9.99 chequing account for your $300,00 home is not your bank working for you…
Getting Pre-Approved is as easy as 1-2-3 with our online application
