Should you work with a mortgage broker, a mortgage marketer, or a bank representative?

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