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Article #79: Should you work with a mortgage broker, a mortgage marketer, or a bank representative?

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There are three different kinds of offer the best solution to their clients.
mortgage loan consultants: Nowadays, there are more than 12,000
- The representative of the local bank mortgage brokers in Canada who represent
branch: This consultant only offers 27% of the market.)
loans, and he has other banking jobs to (Please note that, although I try to be
take care of. They receive a salary from neutral on the subject, I am a mortgage
the bank they work for, and perhaps a broker - taux hypothecaire. I want to
bonus. advise you that I believe working with a
The local bank branch representative acts mortgage broker is the best way to go
exactly like a mortgage consultant, but when you are shopping for a mortgage for
he is the only one who can actually your home.)
submit a mortgage application. Things Of this you can be sure: the expertise
have changed in the mortgage market, and and integrity of whatever advisor you
now almost all of the lenders sell their work with will make a big difference. Of
mortgages through brokers or sometimes course, there are expert local bank
through mortgage marketers - taux branch representatives, expert mortgage
hypothecaire. Bank representatives still marketers and expert mortgage brokers.
offer mortgage loans in addition to other And then, there are many who do not fully
financial products, but only for the bank understand this field.
they work for. It is the person in the position that is
- The mortgage marketer: He only offers most important.
loans, and specializes in mortgage loans. Of this you can be sure: the expertise
The bank or lender he works for pays him and integrity of whatever consultant -
a commission (taux hypothecaire). taux hypothecaire you work with will make
Banks now hire local reps to be able to a big difference. Yes, there are expert
serve the clients better. A mortgage local bank branch representatives, expert
marketer will go to the client, but he is mortgage marketers and expert mortgage
still only works for the one bank that brokers. And then, there are many who do
hired him and is responsible for his not fully understand this field.
commission (based on the amount of the It is the person in the position that is
mortgage of the borrower.) most important.
- The mortgage broker: He offers the loan Mortgage brokering has become more
products of many lenders, specializes in popular
home loans and works only for commission A survey by the CMHC showed that in 2004
(paid by the lender). more than 26% of mortgage loans were
Mortgage brokers have existed for thirty financed with the help of a mortgage
years, but have only become a major broker (taux hypothecaire). In one way or
factor in the mortgage market over the another, it is the individual, his
last few years (taux hypothecaire). integrity and his expertise that will
Mortgage brokers work directly with many make the difference.
lenders (more than 30) so that they can






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