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Independent brokers are fully licensed and work for either an independent mortgage brokerage company or have their own independent companies. Brokers access the entire mortgage market to get the best mortgage for the client. Being independent means brokers will recommend mortgage products based on the individual needs of the client, not the needs of the bank.
Independent brokers are paid by the lender they place the mortgage with, not the client in the vast majority of cases. The pay is based on the size of the mortgage not the rate. They work hard to get their clients the very best mortgage at the very best rate. When you are using a Travel agent, a Financial Planner an Insurance Agent – it works the same with a mortgage broker– those individuals are compensated by the company your product or service is placed with.
There are many kinds of people that process mortgages:
Bank Representatives work in-house at the bank and sell only bank type mortgage products. They are generally not licensed and have to go through many levels to get an approval. They tend to rotate their positions in the bank hierarchy and may not always stay at the same branch which requires clients to re-establish relationships.
Bank Brokers are the banks “mobile” mortgage arrangers. The majority of time they are not licensed or regulated and only sell their own banks products.
Brokers that are licensed but work for companies that are owned by banks have access to all mortgage products on the market however tend to lean towards selling products that support their bank.
Independent brokers are fully licensed and able to access the widest range of mortgage products to get clients the best lending vehicle at the most competitive rate.
1 in 3 Canadians (real statistics) understand the benefits of using a broker to source the best mortgage on their behalf. These people are primarily educated professionals with good paying careers, excellent credit and growing net worth. They understand that the broker will save them time and effort in the mortgage process—all this with NO FEES charged!
Not True. All brokers have different experience levels and different qualifications. Ask if your broker is the owner of the firm or an agent of the firm. Ask the broker his or her number of years in the industry. Ask if the broker specializes in the kind of mortgage requirement you have. Ask if the firm works with online mortgage placement or will need to meet you in person.
Unlike bank representatives, independent brokers only arrange mortgages. They are specialists in their fields. With hundreds of mortgage products available in the market today – each with different features and benefits, independent brokers are committed to understanding the various products and matching those with the need of their clients.
At Mortgage for Less we will arrange the right mortgage and make the process easy and seamless for you!
In over 75% of the cases your mortgage is with a MAJOR BANK- maybe even the same one you deal with. Dealing with a special mortgage centre that deals in high volumes means you are dealt with more efficiently and often has better rates that the Bank Branch Level. Other companies we deal with you may not have heard of but some of them have been around for 100 years.. Some lenders are owned by a Major Bank but operate under a different brand you may never have heard of.Back