• Barbara Singh

Banker vs Broker

Did you know that mortgage brokers have access to hundreds of different lending institutions and mortgage products to best fit your needs, while a bank only has access to their products? With this in mind, here are 4 more things to consider when searching for a mortgage.


1. Bank Fees Add Up

Bank fees can add up quickly. Having to always check your accounts and loans to ensure that you are aware of all extra fees (and any interest rate changes) can be annoying and frustrating. Luckily, and when addressed early, often some of these fees can be negotiated and reduced.

2. Penalties Hurt

If your mortgage is with a traditional bank, you can often be faced with steep penalties if you want to break the term. Be sure to always read the contract thoroughly and make note of any penalties before signing. Generally speaking, big banks typically have higher penalties to break a mortgage than alternative prime lenders. Your mortgage broker would be happy to help you locate the best mortgage contract with minimal penalties and discuss with you thoroughly.

3. Your Credit Score

You might be paying extremely high-interest rates on all your financial products, not realizing that your credit score could be earning you a more reasonable rate for your mortgage, credit card, or lines of credit. This is where a broker can help you to review your financial situation and ensure that you get the best mortgage - at the best rate - based on your current credit health.


4. Shopping Around

With most people staying with the same bank for years, they can be missing out on a lower rate. Shopping around is a great way to ensure you are getting the best rate available to you. Keep in mind that a good mortgage broker will be able to discuss your options within the first conversation and should not take weeks to get back to you.


When dealing with a bank for your mortgage, it can help to get third-party expert advice. Brokerage agents have access to additional mortgage products beyond your current bank and access to even more options to best suit your needs.





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