Why Use a Broker?
Independent brokers are fully licensed and work for either an independent mortgage brokerage company or have their own independent companies. These brokers access the entire mortgage market to get the best mortgage for the client. Being independent means brokers will recommend mortgage products based on the individual needs of the client, not the needs of the bank.
Myth: All mortgage brokers created equal
There are many kinds of people that process mortgages.
- Bank Representatives work in-house at the bank and sell only bank mortgage products. They are generally not licensed and have to go through many channels to get an approval. They tend to rotate their positions in the bank system and may not always stay at the same branch which requires clients to re-establish relationships.
- Bank Brokers are the banks "mobile" mortgage arrangers. The majority of time they are not licensed and only sell their own banks products.
- Independent Brokers are fully licensed and able to access the widest range of mortgage products to get clients the best lending vehicle at the most competitive rate.
Myth: Brokers are middlemen
Independent brokers work directly with the mortgage approval centers of the lenders and have very strong relationships with underwriters that have approval capabilities to get your mortgage approved fast!
Myth: You pay brokers
Independent brokers are paid by the lender they place the mortgage with, not the client in the vast majority of cases. The pay is based on the size of the mortgage not the rate. They work hard to get their clients the very best mortgage at the very best rate.
Myth: You only deal with a broker if you are credit challenged
Not so with today's hectic pace and with increased mortgage product creation it is important to ensure you are working with a mortgage professional who can advise on all products available. Most of our clients are professionals who are not credit challenged.