Do You Know The Difference Between A Mortgage Broker and A Bank Mortgage Specialist?
I like to say, “I’m a one-trick pony.” Why? All I know is mortgages; this is what I do. It’s what I’ve done for the past fifteen years. I do not offer bank accounts, GICs, or RSP’s; although I am very fortunate to know many trusted professionals, I am honoured to refer my clients, if required, and wanted.
I am passionate about helping people understand their options; I like removing the fear of the unknown and replace the unknown with understanding. Mortgages are more than just rates, in so many ways.
You may not be aware of the many differences between brokers and bankers, so here are few drops of knowledge to help better understand the difference between a mortgage professional and a bank employee who may be called a mortgage specialist.
A Mortgage Broker works with their clients to understand their needs and goals, overcome any obstacles, and clear a path to home financing; they go beyond the rate discussion.
A Mortgage Broker works with their clients to understand their needs and goals, overcome any obstacles, and clear a path to home financing; they go beyond the rate discussion.
If your goal is to pay your mortgage off quickly and you sign a contract that restricts your pre-payment options? How will you meet your goal?
The bank employs a person who is called a mortgage specialist but is only familiar with their employer mortgage offering. They are specializing in that bank’s products only.
A Broker utilizes many avenues to assist clients with the best rate and a transparent contract, paying attention to penalty calculations that accompany all mortgage contracts.
Using a Mortgage Broker allows you to access several mortgage products from numerous financial institutions.
A bank specialist can only access what their employer offers, which might be ok, but you may not know what you are missing if you don’t know what’s available outside their walls? You don’t know what you don’t know, I always say.
Depending on the Province, Mortgage Brokers must be licensed and subject to strict guidelines. Accredited Mortgage Professionals like myself (AMP) must take continuing education courses to maintain their accreditation.
Bank specialists are not licensed and require no formal training. Typically, they are not familiar or trained in handling the hurtles in the background that popup during the mortgage process, or more often, the reason why some documents are needed over others—leaving clients confused.
A mortgage broker uses their experience, years of knowledge, and, most importantly, they’re listening skills so that they can protect their client’s families over the long term. Not a quick informal transaction.
A Bank Specialist may have some experience, but are they acting in your best interest? The mortgage negotiation is now left to you? Now you are put in the expert seat and are expected to know what the bank’s best offerings are? Are they the best option for you?
In conclusion, as I said at the beginning of this blog, I am a one-trick pony. I have put in my 10,000 hours that put me in the expert seat. I love to solve problems. I am not a Jack of all trades; I stick to the thing I do best, helping and, in this case, helping my clients to make an informed decision when selecting a mortgage. It’s not a one size fits all.
When you work with an experienced broker, you are choosing to enlist a person who cares about your outcome. You are essentially receiving their knowledge, experience, compassion, and lender’s pays for the service. Why wouldn’t you take advantage of this resource?
I am here to support you.
Please do not hesitate to contact me by phone or email for a personal appointment.