Mortgage Broker vs. Canadian Bank

When dealing with your bank expect the following:

  • Get the rate they offer (good or bad?), depending on how they feel about you.
  • Banks typically have high employee turnover so the mortgage representative could be gone next time you need to speak with them.
  • Limited work hours – appointment times (banker’s hours).
  • Lower chance of mortgage approval – the bank has a very narrow credit box that you must fit into in order to be approved, and this is not negotiable.
  • Fewer product/term options.

    • When dealing with an independent broker expect the following:

  • Always get the best rate from the beginning (no negotiation necessary).
  • Long-term expert planning – we will be here next year to help again and again.
  • Call us 9am-9pm, 7 days a week.
  • Highest chance of mortgage approval.
  • A vast variety of product options for you to choose from. 
  • There truly is no downside to working with a Candian mortgage broker.

    • Are there any risks in working with a broker, or a non-bank lender?

    Canadians put a lot of trust in their banks and assume mortgages with RBC or BMO for example, are a safer bet. This is simply not the case and a completely inaccurate point of view. Large banks in Canada do a lot of advertising and have a long history which strengthens their credibility. As a broker we simply place you with the best lender, which can include a large Canadian bank or a non-bank lending institution. Our service is free and should be utilized, though many people prefer to take these financial negotiations in to their own hands. We only deal with large financial institutions who offer the exact same mortgage terms (or better) than the big 5 banks in Canada. Also keep in mind the financial institution is lending you the money and are bound to the legal contract (term) they have with you. The mortgages we set up are no different or riskier than one from your local bank. Please call us for more information.

    15 Key Points Every Customer should Know

    1. 85% of all people in the USA use a mortgage broker and we are catching up quickly here in Canada.
    2. I shop the best rates and products from 25+ different Banks, Credit Unions and Trust Companies including: CIBC (First line), Toronto Dominion, Scotia, Royal (Merix), and most of the Canadian Credit Unions, ING, etc.
    3. My services are free as the bank pays me a finder’s fee. The Industry is changing and banks now have to compete for business, so they value our referrals.  Keep in mind, they spend millions of dollars operating their many branches, plus internal staffing and layers of management, so they can afford to offer deep discounts for the business we bring to them.
    4. Isn’t it time the Banks compete for your mortgage business? You wouldn’t get just one opinion from one doctor if your physical condition were in question…why get just one opinion when your financial condition  is going through the most significant transaction of its life?
    5. Your bank very rarely gives you the best rates and products. Most homeowners renew their mortgage every four or five years automatically, so they rarely receive the best rates and programs.  Since Dominion Lending Centre sends lenders millions of dollars of new business each month, they always offer us the deepest discounts which I pass that on to you - whether you are purchasing, refinancing or renewing.
    6. Our application process is simple and quick. I’ll just take a little info and send it electronically to the lenders that I feel are the best fit for your situation; I should have some feedback later that day or the next! 
    7. One of my best benefits is I’m available on your terms! Isn’t it frustrating when a bank takes several days to get back to you, and then you have to make your way through their endless voice mail boxes.
    8. I take one credit bureau only and forward it to all the lenders! Many people inadvertently disqualify themselves from getting the best rate when they are shopping for a mortgage. When multiple banks pull a credit bureau, your Beacon score drops every time, sometimes eliminating the chance for the best mortgage or a mortgage at all!
    9. There’s a mortgage product available for almost everyone now. When a person’s situation isn’t ideal, there’s usually a story about why; maybe they changed jobs, maybe they went through a divorce or another life-altering event and their credit was affected.  It is my job to tell your story to the lender that will qualify you.
    10. I appreciate your business. I sincerely appreciate your business and want to do a good job for you because I want all your family and friends business in the future!  (Has any bank employee ever told you that?)
    11. I am a certified Expert.  Most bank employees are not certified and only know about their own bank’s products and do not know and cannot advise you to go to another lender where you can get qualified. You wouldn’t go to your G.P. if you needed a specialist. Deal with a mortgage expert specializing in mortgages from all lenders.
    12. I work for you, not the banks. I don’t get paid unless I fund your  mortgage with a lender that is giving you the product you need and I have no interest in getting the lender more interest on your mortgage, as the higher the interest, the lower the amount I can qualify you for; clearly I work in your best interests, not the lender’s.
    13. Rate Protection. If the rates drop before you close you automatically get the lower rate and if rates go up you have the lower rate locked in. The last time you got pre-approved for a mortgage at a bank, did you get a commitment letter? Did they offer you a rate protection like the one I can secure for you?
    14. Commitment Letter Every-time. I provide a commitment letter every time so you can relax and be confident your mortgage financing is in place!
    15. A mortgage broker is no longer the “lender of last resort”! Actually we are becoming the first choice of the educated borrower.

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