Bank vs Broker

One of the questions we are asked a lot is WHY USE A BROKER?

In the past, buyers turned exclusively to their banks for their mortgage, consumers were loyal. With loyalty came trust and with trust came deceit. The mortgage market was theirs, owned by Canada’s top profit machines, the top banks.

Today we have more options at our disposal with the growing presence of Mortgage Brokers. Mortgage Brokers are independent from any one institution, have access to multiple lenders, products and rates. They not only service those that do not qualify with the bank but they work with the banks as well. They essentially work in FOR YOU and WITH YOU to secure for you the best mortgage product that suits your needs while savings you time and money…why not save thousand in unnecessary interest over the life of your mortgage. I guess you can say they have your best “interest” at heart!

Mortgage brokers represented 40% of total mortgage originations in 2009, up from 26% in 2003, with an even higher usage among first-time buyers (45%). Their market share is on the rise, and rightfully so. Consumers are opening their eyes, looking behind the curtain and becoming better educated on their finances. Consumers are busier than ever and are leaning on services that save them time. The ‘brand’ or ‘branch’ around the corner is becoming less important…consumers are building relationships with the professional that will be there for them along the way, and in the future.

Over the next few weeks we are going to be discussing the benefits of using a broker. Join us on this journey.


Leave a Reply