Christopher Robinson – Mortgage Architects Inc.
July 4 2021
When it comes to mortgages in Canada, there are so many options. Most people tend to finance through their local banks. They already bank there, and they feel comfortable. Banks do offer great rates and are a great choice when it comes to a mortgage. However, is it the best? Do they always give you the best rates and product the first time, or do you need to bargain? Do they always approve with the highest loan amounts?
Going to the bank always feels good. You are greeted at the door, and you feel respected. They are some of the largest institutions in Canada so it's normal to think they always have your back. However, you must keep in mind the person working for the bank, works for the bank. They always have the banks interest first. The bank mortgage advisor will try to approve you and offer good rates, however sometimes they are not the best and you will have to try and deal with the person. They are also limited to what the bank sells and will not always be able to find you a mortgage if you have damaged credit. And finally, the loan amounts with banks may not be as high with other lenders. Sometimes you can get lucky and get a great deal but sometimes it is a struggle and can take time.
Now working with a mortgage broker or agent, it's a different experience for sure! It is like going to many banks and lenders, but you only have to deal with one person. The mortgage broker works for you and will shop around for the best options and lowest rates. If you have damaged credit, the mortgage broker will be able to find you a lender in most cases as they have hundreds of lending options via big banks, alternatives, monolines, credit unions and private lenders. Even in the most difficult situations, a broker or agent should be able to find you a mortgage. And best of all, unlike most major banks, there is usually no haggling. This profession is built on honesty, trust, and they should always offer the best solutions the first time.
Comments