In the past, when there were a few options available, most people walked into their local bank to arrange a mortgage. They called their bank, scheduled an appointment, and brought their paperwork to the representative at the branch. The service that they received often wasn’t the best nor was the interest rate. The bank only offered them one type of product and interest rate and took a significant amount of time to even put an offer together. Due to how time-consuming the entire process was, most people just went through with it and didn’t visit another bank for a second opinion. There was a significant need in the market for better options and mortgage brokering as an industry took off.
When working with an established Mortgage Broker in Canada, you have access to more than 65 lenders with a wide variety of mortgage products. These lenders include large Canadian banks such as TD and Scotia but also countless other major lenders. Each lender has a few different mortgage products available, and a good Mortgage Broker will create a solution based on your needs and financial institution. With one application, you will have access to a wide variety of options and your Mortgage Broker will shop the market for you-saving you time and money.
Having access to many lenders and more mortgage options is great but one of the main reasons that people turn to Mortgage Brokers is service! Have you tried calling your bank lately? Were you able to get through to anybody? The answer is usually “no”. Purchasing a house is usually the biggest purchase any of us will make so being able to reach your mortgage professional is extremely important. The real estate market moves very quick, so it is imperative to work with somebody who is always available to you when you need them. The same logic also applies for refinancing. Your representative at the bank opens chequing accounts, credit cards, overdraft, RRSPs, and a wide range of products. They must know a little bit about a lot of different products which means that they cannot be an expert in any given field. If you were going to be flying to another country or city, who would you trust to get you to your destination? A part-time pilot that is also a hairstylist, bartender, and mechanic (Your bank rep) or a full-time airline pilot with years of flying experience (Mortgage Broker)? You may apply the same logic to securing your mortgage. I think the answer is clear.