Should You Do Business With A Mortgage Broker Or With A Bank?

When it comes to buying a property, doing business with a mortgage broker should be a ‘’no brainer’’ except if you have some kind of deal with your bank institution. In fact, mortgage brokers have a lot more options when it comes to negotiating your mortgage. 

To put in perspective, here are some of the main differences between doing business with a bank versus doing business with a mortgage broker:

  1. Banks can only offer their own products while brokers have a vast choice of options from different institutions. When it comes to finding the best solution, brokers definitely have an advantage over banking institutions.
  1. Banks can give you a discount for consolidating your services with them. The value of the discount will vary depending on the services consolidated. Brokers don’t have that negotiation lever.
  1. Mortgage brokers have a decent knowledge of the entire mortgage market. The majority of them have their licence. They can advise on their chances of lending per institution. This is useful for people with a poor credit score. Mortgage brokers have access to lenders who specialize in servicing people with adverse credit and can leverage relationships with mainstream banks. 
  1. Mortgage brokers also have access to exclusive deals with lenders based on their history of referencing to a certain lender which gives them a big advantage.

Here were some of the main differences between brokers and banks. Now you need to find the situation that will fit your needs.
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