To be honest, at first, there is not that much of a difference. We can both offer great products and excellent rates, if you talk to the right person. However there are some key points to consider, then I will let you make that decision. It’s what that individual does that separates themselves from the rest.
Are they going to protect you from raising interest rates? Will they listen to your goals and ambitions to strategize a plan for your future? Will they properly manage your portfolio instead of just providing you a mortgage? Will they protect you from “creative” lender tricks to entice your business that offer slightly lower rates but carry heavy restrictions? Do they take the time to know which lenders charge larger penalties than others but provide the same product?
Mortgage brokers have the capability of completing the entire process from the comfort of your own home with only require one mortgage application and one credit check. The efficiency and convenience of working with a good mortgage broker can not be beaten. But if you are good at what to do, you will a good mortgage broker or a good banker. My mortgage team follows strict protocol when evaluating your situation. Through a series of follow ups throughout the transaction and after completion, we are able to ensure your mortgage is optimized at all times.
Let’s keep in mind that… If it weren’t for mortgage brokers, everyone would be paying posted bank rates.
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