04 Dec Why use a mortgage broker?
Posted at 09:26h
in Blog
You may be wondering what the benefits are of using a mortgage broker compared to an individual who works at the bank. A variety of reasons exist with regards to mortgage rates, objectivity, solutions, costs, ongoing service, and ease of renewal. Using Connolly Capital Mortgage Solutions over other mortgage specialists located in banks provides the service and flexibility to guarantee you the best mortgage possible. We are here to help you.
| Broker | Banker | |
|---|---|---|
| Mortgage Rates | Mortgage brokerages negotiate discounted rates with lenders and have access to rate promotions and specials. | Rates are set by the Bank. If there’s a better deal in the marketplace, you’ll have to find it yourself. |
| Objectivity | Your mortgage broker works for you, not any single lender. | Mortgage Specialists are there to build business for the bank. |
| Solutions | Brokers have access to mortgages for the self-employed and those with past credit issues. | It is difficult to get a mortgage for certain client situations that do not fit the typical banking mould. |
| Cost | The winning lender pays your Broker for the services and solution provided. | Mortgage specialists are paid and incented by the bank. |
| Ongoing Service | Brokers offer ongoing advice after your mortgage closes including how to pay off your mortgage faster, power down debt, finance renovations or invest in property. There have been many regulatory changes, so it’s important to have access to a mortgage expert. | No proactive ongoing advice is typically provided unless your advisor is proactive. You will simply get an annual mortgage statement. |
| At Renewal | Your Broker will go to bat for you again to make sure you have the best deal possible by actively shopping your loan on the open market. | You may not be offered the best deal initially, requiring you to proactively contact the bank to negotiate. |