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Andrew Caton is passionate about two things - Real Estate and the Greater Hamilton, Ontario area including Hamilton Mountain, Stoney Creek, Ancaster, Dundas and Waterdown. Through the blog we hope to share the best of our city as well as provide timely and helpful real estate advice - whether you're buying or selling a home.
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Mortgage Agent vs Bank Mortgage

Mortgage Agent vs Bank Mortgage

Why Choose a Mortgage Agent over your bank? That’s a question I’ve heard asked a lot and have seen some really varying answers to. Some aren’t sure which way to go, who to trust. Others aren’t even sure what exactly a Mortgage Agent does that a bank doesn’t or can’t do.

Mortgage Agents are independent mortgage advisors. They do not work for any one lender; they work with many different lenders, including some of the major banks, credit unions and mono-line lenders (non-bank mortgage lenders) to obtain a mortgage for you. But can’t you walk into your bank to obtain a mortgage approval? In a word, yes. In fact, most banks have their own mobile sales force much the way Mortgage Agents operate. However, the big difference is that a bank mortgage representative can only offer what that particular bank sells. Not all banks are the same and you may need a certain feature that your bank doesn’t offer. But not wanting to lose the sale, they won’t turn away business if they can help it and push their product on you. As a result, the mortgage they offer isn’t exactly what you need and the worst part is you may not even know it. It’s the job of a Mortgage Agent to assess what your mortgage needs are and source a mortgage for you that matches those requirements. Most people are not well versed in mortgage terminology, as it’s something they don’t deal with every day. In the end, the mortgage the bank offered may end up costing you a lot of extra money in the long run, whereas another lender could have offered a mortgage that is best suited to your situation and plans.

A competent Mortgage Agent won’t just get you the lowest rate without asking important questions and discussing the pros and cons to the various terms and options available. Only then can a decision be made as to which lender and mortgage product is right for you.

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