• Mortgage Broker versus Bank – That is the Question

    April 15, 2020
  • mortgage broker versus bankMortgage Broker versus Bank – That is the Question

    What a great question! It is a common request we receive quite often. As a former banker who was the mortgage manager for a major chartered Canadian bank, I feel I can write the answer to this question quite objectively. In fact, you might be quite surprised with our conclusion on the mortgage broker versus bank debate. We hope you enjoy our thoughts and if you have further questions. Please do not hesitate to contact us.

    Using A Bank For A Mortgage


    • Many clients have an existing relationship with a member of their bank staff
    • Many clients enjoy conversation directly with another person
    • The familiarity of the branch location and possible convenience
    • The chartered Canadian Banks have great tradition
    • It is much easier to integrate all the bank services


    • Many of the bank staff move to other branches with promotions losing the relationship advantage
    • The bank only sells their product
    • They generally only accept A-type clients (limited)
    • The bank employees are generalists and not specialists – they must know every product they sell
    • Offer less flexibility in terms of mortgage rates

    Using A Mortgage Broker For a Mortgage


    • Much wider choice of mortgage products for the consumer
    • Technology allows greater accessibility to communicate with the modern savvy consumer
    • Has products suited to the Sub-Prime audience: Flawed credit, Self-employed
    • Their only expertise is mortgages – they are specialists
    • Due to their wide product lines, there is a better possibility of being approved for a mortgage


    • Most brokers just take cone course and they become brokers. This leads to easy entry and lack of valuable experience
    • Some brokers charge additional fees when they are already compensated by the lender
    • Many brokers will not meet face to face
    • Some brokers only lend to financial institutions they are comfortable with and do not explore all options
    • Many brokers forget about the client’s needs and only concentrate on how much they are earning

    Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

    If you would like to apply for a mortgage online, please follow this link.

    If you would like to see our Google reviews or leave one yourself, you can do so here.

    Read more here: https://www.robertfloris.com/banks-vs-mortgage-brokers/

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