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Big Banks Vs Mortgage Brokers
Know The Differences — And How You Can Benefit
If you handle your personal finances through a big bank or financial institution, it may seem like getting a mortgage with that institution is a no-brainer. But here’s the thing: while big banks are great for personal finances, mortgage agents do one thing and one thing only: work hard to get you the best mortgage rate. Canadian mortgage brokers have access to a wide selection of mortgage lenders, which means that, in many cases, mortgage broker rates are lower than bank mortgage rates. It doesn’t stop at low rates, though. There are many more reasons why a mortgage agent is the best choice for your first-time home buyer mortgage — find out what else sets us apart.
Why Shouldn’t I Get A Mortgage Through A Big Bank?
Banks and other financial institutions are great for a variety of loans, ranging from credit cards to lines of credit. If you’re in the market for a mortgage, however, they lack the variety, support, and freedom that a mortgage agent can offer.
Banks Can Only Offer Their Own Products
When you ask a bank for a mortgage, they are restricted to offering their own products and their own, limited rates. That means that your options are extremely limited, and you may end up overpaying on the mortgage interest.
You May Face Higher Mortgage Approval Thresholds
Since banks can only offer you their own products, they are very cautious in who they lend to. As a result, their customers generally have to meet a higher threshold to be approved for a mortgage. Even if you’re an existing customer with them, you are far from guaranteed to be approved.
There Is Such A Thing As Too Much Centralization
Sometimes, it’s good to diversify your finances to protect your assets. If you hold all of your banking, loans, etc. with one institution, it also means that they have greater control over your finances — and you have fewer protections if they call in your loan.
What Are The Benefits Of Using A Mortgage Agent?
Where banks are restrictive, cautious, and impersonal, a mortgage agent is your advocate, through and through. We are experts in our field, and we know how to navigate the web of mortgage lending to secure you the best rates.
Compare Products And Rate Across Multiple Lenders
Mortgage agents have access to a large network of lenders, meaning we can “shop around” to find you a great mortgage rate. In many cases, the personal relationships mortgage agents build with lenders give us access to discounts that you simply won’t find anywhere else.
Gain Access To Secondary Lenders When Needed
Secondary lenders, or “b-lenders”, are an excellent choice for getting a mortgage in a situation where approval is proving difficult. These institutions are reputable and provide excellent products, but generally offer easier approval than more traditional lenders.
You Benefit From Faster, More Agile Service
Banks, being as big as they are, tend to move slowly. So what happens when you need to close a deal or secure mortgage pre-approval quickly? That’s where a mortgage agent steps in. We can react quickly and do everything by phone or online, helping to speed up the process and support you in your home sale — on your schedule.
How Do I Choose A Mortgage Agent?
Experience, commitment, and passion are the main things you should look for in a mortgage agent. The process of buying a home can move quickly, and you need an agent who will not only keep up, but help guide you through. As both a mortgage agent and real estate agent, it’s safe to say that I live and breathe real estate. Over the last 15+ years, I’ve had the pleasure and honour of serving Southwestern Ontario and securing the best mortgage rates for its residents. Learn more about me, my work ethic, and why I fight so hard for my clients.
Contact Me
The Best Mortgage Rates Are Here
Do you have questions about your mortgage eligibility? Or, maybe you’re ready to apply for a mortgage or get a mortgage quote? Contact me anytime via call, text, or contact form. Find out why so many people trust mortgage agents to handle their home loans.