Mortgage Broker vs Bank

Mortgage Broker vs Bank

When it is time for a new mortgage, or maybe time to replace an existing one, should you go to a bank or use a mortgage broker?

Canadian banks (and Credit Unions) are rock solid financial institutions. They offer good products at good rates. Each bank has their own individual requirements for approval, although it my not seem that way when shopping for a mortgage, but each bank does look at things in their own way.

The issue for you the consumer is if you have dealt with a bank on other matters for years and now need a mortgage but don’t fit your banks criteria you are out of luck.

It wasn’t that many years ago the only people who used mortgage brokers were those who credit was poor. Those days are long gone. Mortgage brokers main advantage is they deal with dozen of different financial institutions for their mortgages. They use banks from different areas of the county, insurance companies, trust companies amongst other to secure you the best deal.

In most cases the banks pays them a fee for your business so their services cost you nothing. In cases where your credit is not good, mortgage brokers can really help here as well. Most banks only have mortgage products for the A list clients. Mortgage brokers can help those with on B and C list.

When looking for a mortgage, check out all your sources, not just the traditional ones. Talk to a mortgage broker and your bank, than decide which works better for you.

Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell