Ever feel overwhelmed with the process of getting a mortgage? Ever feel like no one is taking the time to explain the fine print? Ever feel confused as to whether to use a mortgage broker or your bank? I can help! I have worked for a local credit union and a chartered bank over a period of 10 years. So I know first-hand the difference between a broker and a banker.
A mortgage broker works for you for FREE and has access to over 50 lenders. This means a mortgage broker does all the shopping around so you don’t have to. As a broker, I use my knowledge and experience to negotiate the best rate and product possible that will suit your needs.
The bank has access to one lender, them! They can only sell you their product, whether it’s truly right for you or not. A broker only gets paid (from the lender) if they get you a mortgage. When you see a bank representative, that mortgage negotiating is typically left up to you and they are paid a salary regardless of the outcome. However, that negotiating is limited as banks are not flexible on their rates and can’t sell a product they don’t have. I love that as a broker I can take the time to explain the process. I do the leg work so you don’t have to, making the process as stress free as possible. I explain the fine print and what it actually means to you.
Broker VS Banker
I lay out your options and let you decide which mortgage plan will suit your needs best. I work with you and for you. The bank works for them. When I saw these differences, it was clear to me I needed to make a career change. Don’t get me wrong; I’m not slamming the financial institutions. But when it comes to truly getting you the best rate, the best product, saving you money on your monthly payment and possible payout penalties, using a mortgage broker is the only way to go.
Another difference between mortgage brokers and banks is that in BC, mortgage brokers must be licensed and are subject to a strict set of requirements. Accredited Mortgage Professionals (AMP) must take continuing education courses in order to maintain their accreditation. Bank Representatives are not licensed and require no formal training. Who would you rather have work for you to help you create the perfect mortgage plan?
Looking to make life easier come approval time? Here are some tips of what to bring to your first meeting to help speed up your approval:
- Last 2 years Notice of Assessment (NOA) and T1 (Tax return) if you are self-employed, the last 3 years
- Current pay stub
- Current employment letter outlining your start date, position, wage and hours.
- Existing mortgage details, if you own your home already
If you have any questions, I would be happy to answer them. No obligations.
Get your commitment free mortgage review today!
KRISTY TOWSON Call or Text 778-215-4334
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