Why Brokers are Better Than Banks?

Perhaps, one of the most frequent comments that I'm asked is why should I use you over the bank I've been using my whole life? Even before I became a mortgage broker I learned the definte advantage over using brokers over banks.

1. Rate are ALWAYS better

This is a guarantee, not just a hopeful statement. Why? First of all, we don't compete with Banks, we use banks. That's right brokers are clients of everything from Royal Bank, TD Bank and Scotiabank to your local credit union. We know and use all their products. So, whatever the bank is offering we can get you too!!! It's not that one bank has better products than us, we already have all their products. Additonally, these banks give us huge volume discount. That's right, because we give them millions in volumes each year they agree to heavily discount their rate for our clients. You could've gone to the same bank for years, and by using a broker you will still some substatial rate discounts.

2. More Products

There are no bad mortgage products, just bad products for bad people. A bank carries only a limited amount of products and many banks will not carry enough products that will be sufficent for all your mortgage needs through your life time. You can save a lot of time and money, by being able to use a product that has all the terms that will benefit your situation.

3. Bankers only need to know about a few mortgage products.

Bankers are not pushing mortgages. They're pushing credit cards, loans, lines of credit, bank accounts, life insurance, mutual funds, and stocks. As a result, a banker needs to have working knowledge of all these products. A mortgage broker only needs to know mortgages, and a good one will know what all banks and lenders have to offer.

4. Long-Term Relationship

This is probably a banker's most important agrument against a broker. However, a long-term relationship with a mortgage broker will enable you to access the best products at the best time. Remember, just because one lender fits you today, doesn't mean five years down the road that same lender will have the product that suits you.

5. Flexibility

Most bankers need actual appointments. Mortgage brokers rarely need any appointments, and if they do it will be on a time that works for you and not during regular business hours. Your banker won't be available after hours to answer questions that you may have, but a mortgage broker will.

So, fire your banker and switch to a mortgage broker. I would be happy to run the numbers on your mortgage and my services have no obligation and they're free.

Joel Olson
Pacific Mortgage
1.250.814.1627
joel@c3revelstoke.ca