Mortgage Blog
Canada's Mortgage Experts
FACEOFF: Bank vs. Broker
April 21, 2015 | Posted by: Dana Stauber
FACEOFF: Bank vs. Broker
We’re in hockey playoffs, so let’s talk about the faceoff: bank versus broker. The fact is, there’s really no contest on this one. The broker wins the faceoff every time. That’s a heck of a game advantage. But let’s talk about why it happens: because it’s worth reminding ourselves why the smart money is always on the broker.
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Available from a Mortgage Broker |
Available from a Bank |
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Mortgage Choice |
Over 50 lenders, including most of the major banks, credit unions, and national, regional and private lenders. |
Every bank has its own menu of house mortgage products. |
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Mortgage Rates |
Mortgage brokerages negotiate discounted rates with lenders, and have access to rate promotions and specials. |
Rates are set by the Bank. If there’s a better deal in the marketplace, you’ll have to find it yourself. |
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Independence Objectivity |
A mortgage broker works for you, not any one lender. |
Naturally, mortgage specialists are there to build business for the bank. |
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Ongoing Service |
Brokers offer ongoing advice and conduct annual mortgage reviews, showing you how to pay off your mortgage faster, power down debt, finance renovations, or invest in property. |
No proactive advice is typically provided. You will get an annual mortgage statement. |
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At Renewal |
Your broker will go to bat for you again – to make sure you have the best product and rate. |
You may not be offered the best deal initially, requiring you to proactively contact the bank to negotiate. |
Time to buy a home, refinance or renew your mortgage? Get the advice you deserve. Call today!
