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What The Banks Don’t Want You To Know About Mortgage Brokers

by | Jun 9, 2017

We thought it was time to set the record straight on a few things. We have heard from our friends (and yes they really are our friends!) at the bank, that perhaps there are more misconceptions then we thought about Mortgage Brokers. Well today is the day we clear those up!
We know that your bank might not tell you about these 4 fantastic things that you get when you work with a broker (it’s really not their job too). However, we wanted to make sure that we took the time to tell you. So read on and find out what a Mortgage Broker can do for you!

  1. We Are FREE To Use.

Ah, that glorious word: FREE. When you are purchasing a home, few things in this world are ‘free’. However, using a mortgage broker is and has no string attached. The bank, on the other hand, may have a few strings attached to their ‘free’ services. For instance, bank branch reps and mobile specialists are paid bonuses for being able to get you to sign at a higher rate. It’s true. Ask them.
Now, just to be clear there are certain scenarios where a mortgage broker may charge a fee. There are only two scenarios where a fee would be charged and those are on an alternative deal where the client has blemished credit or on a commercial deal. In both cases, the amounts are very upfront and are agreed to ahead of time.

  1. We Are Pro’s At What We Do.

We are mortgage brokers. Therefore, we only do Mortgages. We are specialists in our field and know the industry off by heart. Many brokers (GLM included) choose to continue our education through seminars, training courses, conferences, etc. to ensure they have the most current and up to date information to pass along to you. We are kind of forever students—but in a good way!
We are also watched carefully by government agencies. There is no shady business going on here! Any information you give us is protected. We are just as, if not more, careful than the banks—but they may leave that part out 😉

  1. We Have CHOICES!

Another wonderful word to the human ear: CHOICES. As a broker, we are not limited to one lender. We have access to a large number of lenders. So if your application doesn’t fit the status quo we can help you find one that does. The best part of this though is that with these choices we can work to secure you a sharper rate. More choice=more rate options! Ironically, that sometimes means we get you a better rate at your own bank because of the high volume we do with them.
Again—the bank might not mention that little tidbit so keep that one in your back pocket.

  1. We Have Embraced Technology

Gone are the days of fill-out-by-hand applications and in their place are convenient, easy to use apps that take all of 30 minutes to fill out start to finish. Mortgage Brokers appreciate how valuable your time is and we want to make it quick and easy for you. We use Skype, credit apps, etc. all to keep things time conscious and simple on your end.
So there you have it. We hope that sets the record straight on a few things. Mortgage Brokers are free, very professional, tech-savvy, best-rate finding, mortgage magicians! Well, at least that’s what we call ourselves. But we leave it up to you. Come and find out how a Dominion Lending Centre’s Mortgage Broker can help you get a sharper rate on your mortgage.

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