• This video went viral amongst the broker community and while it’s super funny (I had a great laugh mostly because the guy’s laugh was infectious), it reminded me of the differences between a mortgage broker and your bank specialists.

    There are actually a number of differences which you may not be aware of. Here’s some information to help you better understand.

    The first important difference is that a mortgage broker is licensed and a bank specialist is not. Mortgage brokers are accountable to a licensing body and must make sure that the product they present to you is ‘suitable” to your needs not theirs.

    Second, a mortgage broker works for you, the client; where as bank specialists are employed by the financial institution. The added benefit of using a mortgage broker is the fact that they have the ability to offer you mortgage products from a number of financial institutions. Personally, I can offer you over 40 lenders products and make sure that the lender’s product suits your lifestyle, budget and goals. Bank Specialists, on the other hand, work for the bank, which means that they can usually only offer you their institutions’ products.

    Third and most important is that mortgage brokers use their knowledge and experience to negotiate the best possible rate and product for you from a number of lenders and only get paid if they get you a mortgage. Conversely, a bank specialist’s rate of pay is generally dependent on the number of products they sell to you; your mortgage, the bank’s credit cards checking accounts, and investment opportunities. A bank specialist specializes mainly in cross-selling for the bank. The best rates are reserved for their top clients, who have a high net-worth and who are not worried about the rate they are getting!

    So in conclusion, if you are looking for a mortgage agent, who can negotiate the best mortgage on your behalf with over 40 lenders in the marketplace, give me a call. I would be happy to help you!