Mortgage Broker

A mortgage broker is an intermediary between a client and lending institution. They facilitate the transaction to assist the client in finding the right home loan product and the lender in finding a client to lend their funds. Mortgage brokers are typically paid by the lender, so there are no fees to the client on standard mortgage transactions. The benefit to the client is gaining access to wholesale Canada mortgage rates which they may not be able to qualify for at their branch.

A mortgage broker is a provincially licensed mortgage expert who only deals in mortgages; they do not cross sell other bank products for the bank. And because mortgage brokers are not affiliated with any lending institution, the advice you receive will be professional and unbiased. Simply put, you simply cannot work for a bank and work in the best interests of the client; your primary role is sell bank products at a profitable margin.

Often when dealing with your bank, they will refer you to one of the 'banks mortgage brokers'. This is actually not true, these staff members are simply mortgage sales reps for the banks. A broker is someone who works on your behalf and has the ability to deal with a number of different outlets in order to find you the best deal. Again you cannot be unbiased when you work for the bank and not the client; your role is to make the bank money. Click here to compare dealing with a mortgage broker versus your bank.

Mortgage brokers rely heavily on client referrals for their business; this means that every client they deal with is a potential referral source, meaning your deal matters. You will always receive great service, expert advice, ample choice of product and of course the best Canadian mortgage rates! And when you consider you get all this with no fees to yourself, it begs the question of 'why wouldn't you use a mortgage broker?'.

Contact a mortgage broker today to start saving money on your next mortgage!