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 a variety of mortgage products from a number of financial institutions. Because a bank specialist works for the bank, they can typically 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. Mortgage Brokers are paid by the lender not the borrower on most high ratio and conventiona...
