5 Key Reasons to Work with a Mortgage Broker over the Banks

No more taking time off work to visit the bank. Enjoy the convenience of applying for a mortgage from the comfort of home in your PJs. This is just one of the many perks of working with a mortgage broker.

If you’re shopping for a mortgage, your first stop may be the bank, but it shouldn’t be your only stop. Just because the bank is the first option that comes to mind, it doesn’t mean it’s the best option. Here are five key reasons to work with a mortgage broker over the banks.

1. Apply online at any time, from anywhere at all
Why are the banks only available at the most inconvenient times? I have yet to meet someone who enjoys so-called “banker’s hours.” Nobody likes taking time off work to visit the bank. There has to be a better way – and thankfully there is.
Say goodbye to banker’s hours and hello to freedom and flexibility. Instead of working around the bank’s schedule, mortgage brokers work around your schedule. No more losing half a day’s pay at work to see the bank ever again.
With mortgage brokers, you can apply online at anytime, from anywhere at all. If you want to apply for a mortgage in your PJs while sipping your morning coffee, you’ll get no judgment from us. We actually encourage it!

2. Choose from transparent, objective solutions
Why are mortgage contracts written as if you need a law degree to understand them? The sad reality is, your banker may not even fully understand the options he’s offering to you.
And the options offered by the banks tend to be biased. Many people sign up for HELOCs and collateral mortgages without having any idea why.
Brokers again have your back. Brokers offer transparent, objective solutions. It’s in the broker’s best interest that you’re fully satisfied with his solutions, as brokers rely on positive word of mouth feedback to stay in business.

3. Enjoy varied options from over 40 banks and lenders
Is that “free” cup of coffee when you go to the bank truly free? When you make the bank your only option, you’re giving up the potential to shop around. The bank may only be able to offer you two or three lending solutions. This pales in comparison to a mortgage broker who can offer you over 40 bank and lending solutions.
Do you still think that “free” cup of coffee at the bank is worth it? I’ll make my own coffee thank you very much and save money on my mortgage instead.

4. Consider a tailored selection of mortgage products
When you go to the bank you often don’t get a lot of choice. You’re given a mortgage option, take it or leave it. This is no way to do business in our opinion.
Mortgage brokers offer a tailored selection of mortgage products. Whether you’re looking for a traditional mortgage, cashback to help with closing costs or a readvanceable mortgage, brokers have you covered.

5. Work with a group of professionals – vested on getting you approved
Nobody enjoys hidden fees. The banks like to nickel and dime you every chance they get. No wonder the banks are always reporting record profits, because it’s on the backs of hardworking Canadians.
Mortgage brokers on the other hand are open and transparent. Brokers are up front about the good, the bad and the ugly of various mortgage products, so you know all the “deets” before signing up.