Why Use a Broker?

Bob Alexander

Sean Alexander

Services come at no cost to you

Mortgage Brokers are paid a finders fee by the lender who funds the mortgage. This finder’s fee is based on the size of the mortgage placed, not the interest rate. Employees of the bank are also paid a bonus… based on the interest rate that they can sell the borrower. The bank employee works for the bank and not for you,
the borrower. Mortgage Brokers work at no cost for you and are 100% independent of the lender.

Experience and Professionalism

As is true with most things in life, it is best to use a professional to have the needed task done correctly. Financing a house is no different when you realize that purchasing a home is the largest financial investment that most Canadians make. Mortgage Brokers are licensed and can, after years of training and experience, become Accredited Mortgage Professionals (AMP). Lending Officer employees (also called “Mortgage Specialists”) of the banks are not licensed to deal in mortgages at all. Further, Mortgage Brokers concentrate solely on placing mortgages. They don’t open new accounts and help with RRSP queries like bank employees.”

Lower rates than offered by the big banks

The majority of lenders that Mortgage Brokers deal with do not have traditional branches like the big banks. This reduces the cost of doing business for these lenders. These cost savings are passed
along to you, the borrower, in the form of lower interest rates. These rates are typically lower than those offered by the big banks and there are no posted rates, only discounted ones.

Wider choices and options

When a borrower deals with a bank, he is limited to the bank’s products and guidelines. If you don’t fit these guidelines, you are declined and abandoned. Mortgage Brokers have access to approximately 40 lenders with product