In Part One of my “Bank or Mortgage Broker? What’s the difference?” series we had the mortgage rate discussion and looked at some of the regulatory and licensing differences between Mortgage Brokers and Banks.
In Part Two, we discussed how a mortgage broker may be better equipped to help those who have credit challenges, and those whose income is not traditional, particularly clients who are self-employed.
In this final installment of “Bank or Mortgage Broker, What’s the Difference?”, we’ll wrap things up with what we think is the major value-add for dealing with a broker: peace of mind and convenience knowing you have an award winning team working hard to get you approved.
This varies by broker, but we work at all hours of the day. It's 11 pm as I'm writing this blogpost. My associate and I are available almost 24/7. Not all brokers are like us, but our philosophy is to be available whenever you need us, and to be available by whichever form of communication is easiest for you. For a lot of our clients that means a text message at 9pm. Or a meeting at the coffee shop by your house on Sunday afternoon or near your work in the middle of the day. Some of the banks' mobile specialists do this too, but we think this is more common among mortgage brokers. Another major factor is the period of time after the mortgage is funded. We make it clear to our clients that we are their single point of contact for all questions related to their mortgage after funding. Our clients tell us they love being able to talk to same person over the life of their mortgage, instead of getting a random bank employee who doesn't know them from the last customer they dealt with.
One Stop Shopping
Half of the Big 6 Banks have broker channels (ScotiaBank, National, and TD). The other half (RBC, CIBC, and BMO) that do not have broker channels don't have much in the way of innovative or exciting mortgage products to begin with, so we're not missing much. So at the end of the day, brokers can literally get you the same mortgage products you can get with most banks, but can compare those with the rates and products from all the lenders we deal with, without you ever having to get off the couch.
About the Author
Andrew Sikomas is the managing partner of Solara Financial Partners. Solara provides convenient mortgage rate shopping at multiple lenders, along with expert opinions and advice, at no cost to you.
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