30 Oct Are Mortgage Brokers Better than the Bank?
Sometimes the mortgage you want is not always the mortgage you get and that could have to do with choosing the wrong path when looking for competitive mortgage rates and pricing. Whether you’re a first-time home buyer or your current mortgage plan is about to run up, you now face the predicament of going with a mortgage broker or a bank… It’s time to find out which professional is right for you and what the differences are in what they offer.
LET’S START WITH THE DIFFERENCES BETWEEN A MORTGAGE BROKER AND A BANKER…
Mortgage Brokers offer ambitious mortgage plans that a banker usually does not have access too. They also offer unbiased advice to help you improve your overall rating. Mortgage Brokers are specialists that are required to go through continual educational training, background checks and meticulous exams in order to obtain and hold onto their professional certification. Since Mortgage Brokers work directly for you, not the Banks, they will assess various options and handle all negotiations terms between you and the mortgage lender; relieving you from the stress of negotiation and the amount of time spent doing so.
Working with a banker is considered by some people as it seems easy and they are already familiar with their bank. Bankers offer their standard rates provided to all clientele. They will not be able to provide you with the variety of mortgage options that a mortgage broker can. Bankers are only authorized to offer the mortgage from the Bank they work for. Additionally, being a licensed mortgage broker is not a requirement to offer a mortgage through the bank. Bankers are not required to attain the same level of education & certification as mortgage brokers.
BUT WHICH ONE IS RIGHT FOR YOU? CONSIDER THE FOLLOWING WHEN MAKING A DECISION:
Mortgage Broker Vs. Banker
- Mortgage Brokers have flexible hours, whereas dealing with a banker means typically meeting with them on their bank hours.
- Mortgage Brokers have multiple lender options for you. Going through a banker means accepting the one offer available.
- Bad credit? Mortgage Brokers have flexibility and can often find a lender who will work with you. Bankers have to adhere to THEIR bank policy often placing restrictions on available options.
- You could be approved for more by using a Mortgage Broker as they could source a lower rate!
- Mortgage Brokers offer competitive rates through multiple competing lenders. Going through a bank means having to settle on their one mortgage offer and limited options.
It’s no surprise why our clients love the flexibility that dealing with a mortgage broker can provide. We are here to be your advocate and guide you through the best options with expert advice. From fighting negotiation battles to offering answers to situations that might seem hopeless, mortgage brokers specialize in it all. If you feel that choosing a broker over the bank will work for you, then contact us and we’ll do our best to provide you with a mortgage plan that’s right for you.
John Antle Mortgages – Kelowna’s Mortgage Specialist
We specialise in offering mortgage solutions that go ‘above and ‘beyond the bank’. This means we are able to provide flexible solutions at great rates, in fact our rates are often better than what traditional banks have to offer. The bank can be intimidating and even frustrating, while working with a mortgage broker opens up your options and allows you to find solutions for your unique situation. We work with a variety clients including first-time buyers, those looking to transition from renting to owning, self-employed business people, as well as investors in rental and/or vacation properties.