We just finished the hockey playoffs, so let’s talk about the real faceoff: bank versus broker.  The fact is, there’s really no contest on this one. The broker wins the faceoff every time. That’s a heck of a game advantage. But let’s talk about why it happens: because it’s worth reminding ourselves why the smart money is always on the broker.

But what does the Broker offer that gives us the advantage over the banks? Here are just a few ways in which we come out on the winning team.

Mortgage Choice

As brokers we have access to over 50 lenders, including major banks, credit unions, national, regional and private lenders. A bank only has access to their own limited mortgage products.

Mortgage Rates

Because we negotiate discounted rates with lenders and have access to rate promotions and specials, we can find the best fit rate for your situation with the lender that offers the best product for you. Mortgage rates are set by the banks so if you hope to find a special, it will be your job to try to find one and negotiate with the bank.

Independence and Objectivity

Mortgage Brokers work as a "middle man" between you the client and the lenders. Based on your current situation, we can recommend what fits your financial goals. When you visit the bank, their goal is to build business for the one bank they work for.

Availability

At The Mortgage Minds we are available to meet you how and when works best for you. Banks set their hours and expect you to find time to meet them at their convenience. As Brokers, we can connect with you by phone, text, email, Skype or in person at a location that is convenient for you; and, we are available to meet you at the time that works for you: evenings and weekends included.

Ongoing Service

Brokers offer ongoing advice and conduct annual mortgage reviews. We can advise you on how to pay off your mortgage faster, power down debt and finance renovations or invest in property. Once your mortgage funds with a bank, you typically only receive an annual mortgage statement in the mail. It’s much easier to ask questions and access help with your Broker who stays in contact with you.

At Renewal

When it comes time to renew your mortgage, a broker goes to bat for you again, making sure you have a competitive product and rate for your ever-changing circumstances. With a bank, if you want to re-negotiate their renewal terms, you have to do the asking as they will not provide you their best rates up front on their renewal letters.

Before you put the pen to paper and sign on the dotted line, you’ll want to revisit some of the long-term goals that you have for yourself, and determine how home ownership fits in. Whether you think of it as a way of investing, or just want the independence of not having a landlord, you’ll want to have a clear picture of the future before you make a decision.