1. A mortgage broker works for YOU, the client, whereas Bank Specialists are employed by a financial institution.
2. If you approach a few banks to shop for the best deal, each bank you visit will pull a credit bureau on you. Each time a credit inquiry is made on your credit bureau, it begins to deteriorate your precious credit rating. Your broker pulls only one single credit report on you and submits it to dozens of different lenders on your behalf. This protects you from bruising your credit rating.
3. The benefit of using a Mortgage Broker is the fact that they have the ability to offer you mortgage products from multiple lenders. Bank Specialists work for one bank which means they can only offer their clients what their financial institution has to offer.
4. For conventional mortgage financing, the services of the Mortgage Broker are generally provided at no cost to the client. We are paid by the lenders for providing business to them.
5. Mortgage Brokers do not work for one specific lender, and you are assured impartial advice. A Bank Specialist has a limited number of their own financial products, and while there may be better mortgage products out in the market place, they will do their best to sell you their own mortgage product.
6. Mortgage Brokers provide personal service, usually at times convenient for their clients. Mortgage Brokers are not restricted in seeing clients within certain business hours.
7. Brokers are typically paid the same amount no matter what rate is offered to the client. Bank Specialists' rate of pay is generally reduced in direct relation to the amount they discount your rate from the bank's posted rate.
8. Depending on your Province, Mortgage Brokers must be licensed and are subject to a strict set of requirements. Accredited Mortgage Professionals (AMP) must take continuing education courses in order to maintain their accreditation. Bank specialists are not licensed and require no formal training.
9. Mortgage Brokers use their knowledge and experience to negotiate the best possible rate and product for you from a number of lenders. When you see a Bank Specialist, that mortgage negotiating is typically left up to you.
10. Mortgage Brokers are customer focused, as they rely on referrals form previous clients to provide future business.
Allyson Foulis 746-5924
Cheryl Leukefeld 701-3978
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