Mortgage Broker
- Will be available for advice for the life of your mortgage
- Knowledgeable about a wide range of mortgage solutions to best suit your needs
- Paid a commission by the mortgage lender after the mortgage closes
- Are experts in mortgage & creditor insurance
- One-Stop shopping for multiple mortgage banks and lenders
- Reduces the need for multiple credit bureau inquiries
- Are licensed by the Province in which they operate
- Unbiased advice as commission are very similar between lenders
- Have access to specialized mortgage programs and alternative & private lenders
- Work to find the best combination of lowest rate & penalties with highest pre-payment privileges
- Focuses on finding the best suited mortgage program for your needs
- Owns their own business, so customer service is critical
Bank Rep
- May change branches or may move to another bank
- Knows about the mortgage products available at their bank
- Paid a salary and/or commission by their bank
- Are required to cross-sell multiple credit products and banking services
- Can only offer one bank’s programs
- Each bank has to do a separate credit inquiry, which can reduce your credit score
- Are not regulated by the Provincial government
- Unlikely to recommend another bank’s mortgage programs
- Limited to only bank mortgage programs
- Banks often have much larger penalties to break a mortgage early
- Loyal to their employers’ mortgage programs
- Is an employee of a bank or financial institution