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What's the difference between a Mortgage Broker and a Bank Mortgage Specialist or Bank Mortgage Development Manager?
The two are very different and it's important for you to understand the differences.
The following are some key differences:
* A Mortgage Broker works for you, the client, whereas Bank Specialists are employed by the financial institution.
* A Mortgage Broker will offer you mortgage products from a number of financial institutions. A Bank Specialists works for the bank, that means that they can usually only offer you their institution’s products.
* Brokers are typically paid the same amount no matter what rate is offered to the client. Bank specialists’ rate of pay is generally reduced in direct relation to the amount they discount your rate from the bank’s posted rate.
* In BC, Mortgage Brokers must be licensed and are subject to a strict set of requirements. Bank specialists are not licensed and require no formal training.
* Because Mortgage Brokers don't work for a specific lender, your assured that you will be given impartial advice. A bank specialist has a limited number of their own institutions products and while it may not be the best mortgage product out there, they will do their best to sell you their institutions mortgage product cause if they don't your going somewhere else.
* Mortgage brokers use their knowledge and experience to negotiate the best possible rate and product for you from a number of lenders. When you see a bank specialist, that mortgage negotiating is typically left up to you.
* For conventional financing, the services of a mortgage broker are generally provide at no cost to you. If there is a cost, you will be advised of those costs up front.
If you require a mortgage use a professional Mortgage Broker and have that Mortgage Broker do all your mortgage leg work at no cost, why would you not take advantage of the offer?
In Canada more and more people are taking advantage of the services a mortgage broker provides.
If your branch manager at the bank tells you that they have mortgage brokers on staff that can help you he is incorrect.
Banks have sales reps that try to compete with mortgage brokers for your business. A mortgage broker is a fully licensed trained mortgage professional that is NOT affiliated with any lending institution; we work ONLY for you, not the bank.
More on the difference between a mortgage broker and a bank specialist. |
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