There are a few really important reasons why should you use a broker instead of a bank. A good mortgage broker knows all the lenders in BC and their list of products to ensure that you get the best mortgage for your situation…
Sometimes your own bank might have the best rate, term, or product. If that’s the case, then there is no harm done and you can happily stick with your bank knowing that you have done your due diligence. But in most cases, a competing lender will have the best product on the market, which they will gladly offer in order to gain your business.
How do I get paid? Lenders want your business- so they pay mortgage brokers a finder’s fee when we bring them clients. Lenders all offer about the same amount, so my main incentive is to keep my clients happy and returning. Here is an article I wrote about some of the misconceptions people have about mortgage brokers:
Mortgage Broker vs Bank: An honest guide to an important question
