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Mortgage Brokers vs Banks

  • Mortgage brokers  have access and knowledge of the entire mortgage market
  • Banks only sell their  products.
  • Brokers can advise which lenders will consider your application and which will not based on your individual circumstances. If you have a poor credit rating, brokers have access to lenders that specialize in servicing people with adverse credit.
  • Banks have to follow their policy on lending. 
  • Mortgage Brokers can also access exclusive deals not available on the the open market, or negotiate a better interest rate or lower apllication fees from lenders in some cases. Mortgage brokers also have the luxury of going to trust companies or credit unions, intstead of just banks
  • Bank mortgage lenders work for the bank
  • Mortgage brokers work on your behalf
  • Mortgage brokers often get better rates
  • Mortgage brokers work with self employed people 
  • Your mortgage will be held with a financial institute
  • Mortgage brokers are paid by the Lender