23 Jun

6 Reasons to use a Mortgage Broker instead of a Bank?


Posted by: Jenni MacDonald

For most people, it’s a habit to go to your bank to get a mortgage.  However, it’s not always your best option.

I recommend going to a Mortgage Broker, obviously because I am one.  But let me give you six reasons why it’s probably a better option for you.

Mortgage Brokers Study Mortgages.  That’s it!

When you go to a bank, the person sitting across the table from you studies a whole spectrum of different products.  They know GICs,  lines of credit,  credit cards & they also know mortgages. But their time is now split between all these different products.  Whereas when you go to a Mortgage Broker, we learn mortgages, we learn the changes, we learn the regulations, we learn different lenders and what the regulations are for each lender.

It Will Save You Time

A Mortgage Broker collects everything upfront and looks at all the different options available for you without you having to go ‘bank to bank to bank’.

It Will Save You Money

This is primarily because of the number of mortgages that we send to each lender.  We often get discounted interest rates for you.  In fact, sometimes we can get you a better rate at your own branch than you can.  Keep in mind we have access to many lenders, not just the bank that you often go to.

Reduces Your Stress

Reason enough to go to a Mortgage Broker.  A Mortgage Broker is going to collect your documents.  We understand timelines, we understand the urgency.  We communicate with your real estate agent to make sure that all the deadlines are being met.  We do the worrying for you so you can sit back and enjoy your life.

Our Service is FREE!

Your opinion matters to us.  It’s the lenders that pay us to find clients for them.  So my business is based on how good a job I do for you.  If I do a great job for you, you’re going to tell your friends. So of course I’m going to work hard to do my best for you.  And in the meantime, the lender is paying me.

Why not use a free service?

We Consider All Kinds Of Situations

A bank doesn’t have the flexibility to look at clients who might have a bankruptcy in their past, people that might have bruises on their credit because of a fraudulent situation or they cosigned a cell phone for a friend (a really bad idea by the way).  We have lenders that are going to consider lots and lots of situations.

We have banks, we have credit unions.  We have what we call equity lenders.  We also have private lenders, citizens, in Cornwall that have extra money and they are looking to do private mortgages, which can really help in some tight situations to get somebody into their house or get them through a hard time in life.


For more information on Credit Scores visit https://jmacdonald.ca/mortgage-tips/credit-scores-score/