Broker vs. Bank

A mortgage broker works for you, not the bank. It is in the best interest of the mortgage broker to get you the best rate, and product suited to your needs. In most cases you will not pay the broker for this service as the lender compensates the broker with what is known as a finder’s fee for locating you the client.  Mortgage brokers evaluate and analyze each client’s credit situation differently so that they are able to determine which lenders are the best fit for them. The mortgage broker submits the application to one or more lenders for an approval while obtaining best mortgage rate. The broker then works with the chosen lender until the mortgage funds. Afterwards he/she continues to be in contact with his/her clients well past funding to keep them informed, and to make sure the client is always in the correct mortgage product as situations change.


When dealing with a bank no matter what employee you work with all, employees of the bank work to sell and process mortgages and other loans originated by their employer. They often have more than one type of loan to choose from, but all loans originate from one lender; the bank. The loan officer within the bank will take your application and see if the bank has a home loan that suits your needs. If your personal credit is approved then the bank will move forward. If your credit is denied then the process ends and they no longer try to find you other options. A mortgage broker will try other avenues and lenders if the first lender tells them no or gives them an unfavourable response. Mike Parker has access to many creative funding strategies including but not limited to; rent to own programs, and first and second private mortgages.


When choosing a mortgage broker over a bank remember that mortgage brokers can typically get their clients a lower interest rate than a bank can because of the freedom they have to shop around for their clients. They can even get you up to 1.5% difference in your interest rate, but even a small difference in an interest rate on your mortgage can make a big difference in the long run.

Just like shopping around for any other major purchase, a mortgage is no different. A home buyer needs to shop around for the best rate. Shopping around can be time consuming and frustrating. So why allow me to provide timely service you can trust and count on, to do the shopping for you. In the long run, you will probably pay less for everything; including peace of mind. So when the time comes for you to take on a mortgage make sure you hire a mortgage broker to find you the loan that best fits your needs.


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