Let’s start off with the scenario that when you get your mortgage from a bank employee that they are just that a Bank employee. Their job is to ensure the best deal for the bank as they are paid either by salary or commission. If they are paid on a salary then what do they have to gain by getting you the best available rate, if they are paid by commission then they are paid less if they get you the best rate. So for a bank employee it’s a no win situation, to try and get you a better deal makes no sense for them in either scenario.
Advantages of Hiring a Mortgage Broker Over Bank Employee
Mortgage brokers are paid on the amount of the mortgage. We deal in discount rates that are offered to us by the very same banks. A mortgage broker has the option to offer you several different types of mortgage options from several different lenders or at the very least offer you what it is that best suits your needs.
Mortgage brokers versus Bank employees also has another very important scenario. Mortgage brokers are licensed and governed in each province by either real estate council or the financial governing body for that province. Mortgage brokers are also required to take continuing education courses to help keep us up to speed with the ever changing world of mortgages and the rules that apply to them.
Bank employees often have only an entry level course if they are an actual a mortgage specialist and deal in just mortgages other than that they are simply taking your information and hoping you will deal with the bank just because you always have.
It would seem obvious that a mortgage broker versus a bank employee is a no brainer. You can deal with someone who works for you as opposed to someone who works for the bank.
Call Brokers For Life Inc. 1 866 902 7771 ext 101 and ask for Len Lane