Mortgage Blog

How is a Mortgage Broker Different than a Bank Rep?

April 3, 2018 | Posted by: Brandi Pierik and Matthew Pierik - Red Deer and Calgary Mortgage Brokers

What the Banks Do NOT Want You to Know!

The banks work extra hard to try and convince mortgage borrowers that their mobile mortgage specialists can provide the same products and services as licensed mortgage brokers. But, in reality, the two offerings are worlds apart.

The number one differentiator is that mortgage brokers offer choice. I have access to multiple product lines from a wide variety of lenders – including banks, credit unions, trust companies, private funders, etc. In contrast, bank specialists can only offer you a mortgage from their one product line. More choice from brokers means you’ll be matched with the best product and rate catered to your unique financial situation. And if you happen to be self-employed or have credit blemishes, I can still help you. I will also get lenders competing for your mortgage again at renewal – or anytime you need to renegotiate your mortgage. It’s my job to guide you through every step of the home buying and mortgage processes. And that means staying on top of your ever-changing needs as a homeowner.

Mortgage brokers must also be licensed and adhere to strict government rules and regulations. And, in order to keep my license, I’m required to take continuing education and relicensing courses to ensure I’m best able to advise on your ideal mortgage solutions. Mortgage specialists aren’t licensed. They can start working for a bank and begin selling mortgages with zero financial training or experience.

Another key distinction is that mobile specialists are bank employees, whereby mortgage brokers are independent business owners. I work for you, not a lender. I don’t have to adhere to quotas that would tempt me to push one product over another because I have a personal stake in the outcome.

I know mortgages – it’s what I do every day. I won’t try to sell you a bank account, investments, or other products. I do my homework on available mortgage products and stay up-to-date on any new products, or changes to existing products or mortgage rules, so I can best advise you on offerings that match your specific needs. And you can be certain – while making a purchase, upon renewal or when tapping into your home equity – that you’re always making an educated mortgage decision thanks to my unbiased advice.

Have questions about using a Red Deer Mortgage Broker or your mortgage options in general? Answers are just a phone call or email away!

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