Mortgage Intelligence

Oshawa's Mortgage News Desk!

Bank vs Broker

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Five Reasons Why You Should Use A Broker


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The competition between bank vs broker has never been more prevalent than now. Although banks may have had the advantage in the past, buyers are now beginning to understand the benefits of working with a broker.

So let’s talk about why this is happening: because it’s worth reminding ourselves why the smart money is always on the broker.

Available from a Mortgage Broker Available from a Bank
Mortgage Choice Over 50 lenders, including most of the major banks, credit unions, and national, regional and private lenders. Every bank has its own menu of house mortgage products.
Mortgage Rates Mortgage brokerages negotiate discounted rates with lenders, and have access to rate promotions and specials. Rates are set by the Bank. If there’s a better deal in the marketplace, you’ll have to find it yourself.
Independence Objectivity A mortgage broker works for you, and will work with lenders to customize mortgages to suit your financial needs. Naturally, mortgage specialists are there to build business for the bank.
Ongoing Service Brokers offer ongoing advice and conduct annual mortgage reviews, showing you how to pay off your mortgage faster, power down debt, finance renovations, or invest in property. No proactive advice is typically provided. You will get an annual mortgage statement.
At Renewal Your broker will negotiate on your behalf to make sure you have the best product and rate. You may not be offered the best deal initially, requiring you to proactively contact the bank to negotiate.

Time to buy a home, refinance or renew your mortgage? Get the advice you deserve.  Call the MiMortgage team at 1 866 452-1100 today!


David Hetti is a full time Mortgage Broker with Mortgage Intelligence (FSCO Lic MO8002434) David is the Director of Operations at Mortgage Intelligence Oshawa and heads a team of full time licensed Mortgage Agents serving all of Ontario. David is also a licensed Insurance Consultant.

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