Do you know the difference between a mortgage broker and a bank specialist? With a number of differences between the two, here is some useful information to help you understand.
• A mortgage broker works for you, the client, giving them the ability to offer you mortgage products from a number of financial institutions. Because a bank specialist works for the bank, they can only offer you their institution’s products.
• Where a mortgage broker must be licensed and is subject to a strict set of requirements, bank specialists are not licensed and require no formal training.
• 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.
* Note: Mortgage brokers are paid by the lender not the borrower on most high ratio and conventional mortgages. If there is a cost, you will be advised of those costs up front.
So, if you have the ability to use the services of a professional mortgage broker and have them do all your mortgage leg work at no cost, why not take advantage of the offer?
Here are a few links to check if the mortgage professional you are working with is a licensed and regulated Mortgage Broker:
Financial Institution Commission of British Columbia:
http://www.fic.gov.bc.ca/weblistings/mbsblisting.aspx
Mortgage Brokers Association of British Columbia:
http://www.mbabc.ca/?page_id=8
Canadian Association of Accredited Mortgage Professionals: http://www.naylornetwork.com/caampdirectory/SearchResult.asp?Lang=&city=Prince+George&mem=
www.christinebuemann.com
• A mortgage broker works for you, the client, giving them the ability to offer you mortgage products from a number of financial institutions. Because a bank specialist works for the bank, they can only offer you their institution’s products.
• Where a mortgage broker must be licensed and is subject to a strict set of requirements, bank specialists are not licensed and require no formal training.
• 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.
* Note: Mortgage brokers are paid by the lender not the borrower on most high ratio and conventional mortgages. If there is a cost, you will be advised of those costs up front.
So, if you have the ability to use the services of a professional mortgage broker and have them do all your mortgage leg work at no cost, why not take advantage of the offer?
Here are a few links to check if the mortgage professional you are working with is a licensed and regulated Mortgage Broker:
Financial Institution Commission of British Columbia:
http://www.fic.gov.bc.ca/weblistings/mbsblisting.aspx
Mortgage Brokers Association of British Columbia:
http://www.mbabc.ca/?page_id=8
Canadian Association of Accredited Mortgage Professionals: http://www.naylornetwork.com/caampdirectory/SearchResult.asp?Lang=&city=Prince+George&mem=
www.christinebuemann.com
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