Mortgage Broker vs. Canadian Bank

When dealing with your bank expect the following:

  • Get the rate they offer depending on how they feel about you.
  • Banks have various employees 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 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.

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