Use a mortgage specialist.. not a generalist

I encourage clients to call a mortgage broker when looking for financing, even if they're hell-bent on using their "loyal" bank manager.  They negotiate mortgages all day long.  Bank managers negotiate mortgages occasionally.  

 

Here's my thinking on this: 

 

 

Why use a mortgage broker instead of your bank?

 

 

Find the Best Mortgage

 

The bank sells only its own products while mortgage brokers have access to over 60 lenders and can offer a wide range of competitive and innovative products and services to meet your mortgage needs.  This is particularly important for clients with poor credit or unverifiable income who may not be able to qualify at their bank.  

 

 

Find the Best Rate

 

Your bank is in the business of making money for its shareholders so you may not be offered the best possible rate unless you shop around and find a lower rate.  Invis for example is one of Canada’s largest mortgage brokerage firms.  This gives it the leverage to negotiate below-market rates with many lenders saving you the hassle of making several calls to negotiate your  rate. 

 

 

Consult an Expert

 

Banks sell a wide range of products such as personal accounts, loans, RRSPs and mutual funds. Mortgage brokers specialize in mortgages only and you can benefit from their product knowledge, market access, exceptional negotiating skills and commitment to highly personalized service.   

 

 

Obtain a Reliable Pre-approval

 

A mortgage pre-approval from a bank often provides little more than a rate guarantee for a mortgage amount determined by your reported income.  A mortgage broker will ensure that your credit, income and down payment meet the lender’s guidelines and will also provide a fully underwritten pre-approval from a lender.

 

 

Professional Service at No Cost

 

The good news is that there is no cost to the borrower for a mortgage broker’s services because the broker is paid by the lender you select.