Jerry Jackman Accredited Mortgage Broker at Thinkmortgages.com
Verico Paragon Mortgage Group Inc. November 22, 2011

MORTGAGE BROKER VS. BANK SPECIALIST

Do you know the difference between a Mortgage Broker and a Bank Mortgage Specialist?

There are actually a number of differences which you may not be aware of.

Here is some information to help you understand.

• A Mortgage Broker works for you, the client, whereas Bank Specialists are employed by
the financial institution.

• The benefit of using a Mortgage Broker is the fact that they have the ability to offer you
mortgage products from a number of financial institution Because a Bank Specialists
works for the bank, that means that they can usually only offer you their institution’s
products.

• Brokers are typically paid the same amount no matter what rate is offered to the client.
Bank specialists rate of pay is generally reduced in direct relation to the amount they
discount your rate from the bank’s posted rate.

• Depending on your Province, Mortgage Brokers must be licensed and are subject
to a strict set of requirements. Accredited Mortgage Professionals (AMP) must take
continuing education courses in order to maintain their accreditation. Bank specialists are
not licensed and require no formal training.

• Because Mortgage Brokers don't work for a specific lender, your assured that you will be
given impartial advice. A bank specialist has a limited number of their own institutions
products and while it may not be the best mortgage product out there, they will do their
best to sell you their institutions mortgage product cause if they don't you’re going
somewhere else.

• Mortgage brokers use their knowledge and experience to negotiate the best possible
rate and product for you from a number of lenders. When you see a bank specialist, that
mortgage negotiating is typically left up to you.

• For conventional financing, the services of a mortgage broker are generally provided at
no cost to you. If there is a cost, you will be advised of those costs up front.

So in conclusion, if you have the ability to use the services of a professional Mortgage Broker
and have that Mortgage Broker do all your mortgage leg work at no cost, why would you not
take advantage of the offer?