CHOICE...the real reason to use a Broker to get your mortgage in Canada

After that insightful piece on the differences between a Broker and a Mortgage Specialist from RBC courtesy of Ms. Corinne Schindler, I thought I would post a quick blog today to set the record straight.

I am not going to slander or throw her under the bus. What I am going to do is just give you the differences between the 2 channels...Banks vs. Brokers.

We both do the same thing with subtleties in approach and service levels with one main difference.

Mortgage Brokers offer CHOICE !

we are not tied to one financial institution and the proprietary product it offers. We are independent and can and will put a client into a product that makes sense for them and their plan to pay their mortgage off as quickly as possible.

If I were an RBC Specialist, and a TDCT Mortgage made more sense for you than my product, am I going to send you around the corner to TD?

Mortgage brokers offer choice

The next time you’re looking for a mortgage for that new house or you’re up for renewal on your existing mortgage, think about using a mortgage broker – their services are free and they offer you an abundance of choices the banks simply can’t compete with.

Mortgage brokers have access to a vast array of lenders – up to 90+ institutions, including some of the big banks – which enables these professionals to negotiate the best possible mortgage products and rates on your behalf. In comparison, if you approach your bank with a mortgage request, they can only offer you a narrow choice – namely, their own products.

Mortgage brokers do their homework on available mortgage products and keep themselves abreast of any new products, or changes to existing products, to ensure they find the best mortgage to fit your specific needs.

Unlike the banks, mortgage brokers can also cater to self-employed borrowers as well as those who have suffered credit blemishes due to life experiences such as divorce or illness. Brokers will listen to your story, whereas the banks have a very narrow view of what fits into their financing box – and this is unnegotiable.

If you’re thinking of buying a home, find a professional who can find the best mortgage rate and term for your unique situation.

Top Reasons for Using a Broker:

1. Choice – access to multiple financial institutions
2. Costs – using a broker is free and they can negotiate lower rates for you
3. Knowledge – brokers stay up-to-date on available products and services
4. Flexibility – mortgage products are even available for the self-employed or those who have credit blemishes 

have a look at my website for more educated views on both the Mortgage Broker channel here in Canada as well as the industry in general.    http://www.kevynoyhenart.ca/

Until tomorrow....

Kevyn