Why should you use a mortgage broker versus a bank?

The explanation for this is quite simple. You may ask yourself, why would I go directly to a bank? A mortgage broker is working for you! The mortgage business is no longer dominated by the “big banks”. A good mortgage broker has your best interest in mind, providing a full service commitment in directing you to the mortgage that best suits your needs.
Mortgage brokers have the availability to access hundreds of lenders that offer various types of financing, promotions (rates) and lending criteria. This enables us to accommodate all our clients, from the straight forward to the more complex and challenging (non-conforming i.e./self employed, tarnished credit, etc.)

A broker develops strong relationships with their lenders, and is in a position to
acquire the best rates as well buy down the rate even further. This will allow for unbeatable rates. The average bank will not offer this type of service. They are limited to their own lending criteria at the branch level. Therefore, it is in their best interest to source out a good mortgage broker who will handle not only the facilitation of a single mortgage, but also structure a long term plan for each individual case. What is the cost for these services? Absolutely nothing! In most cases the financial institution pays a referral fee. Some exceptions are made case by case. Having trust in your broker is one of the key elements to a healthy, successful, working relationship.