What’s best to work with, with a mortgage broker, a mortgage marketer, or a bank representative?

There are three types of mortgage consultants:

• The representative of the local bank branch: The reps only offer loans, and have many other duties besides mortgage loans, are salaried, with a possibility of an annual bonus.

Traditionally, it is the local bank branch representative who acts as the mortgage consultant. He is the only one who is able to make a mortgage application for clients - taux hypothecaire. The world of mortgage financing has changed and almost all lenders offer their mortgage products through mortgage brokers and, in certain cases, through mortgage marketers. The bank representatives still offer mortgage loans (as well as other financial products) but only for the bank they represent.)

• The mortgage marketer: He only offers loans, and his specialty is mortgage loans. The bank or lender he works for pays him a commission (taux hypothecaire).

Banks now hire local reps in order to serve the clients better. A mortgage marketer will go to the client, but he is still only works for the one bank that hired him and is responsible for his commission (based on the amount of the mortgage of the borrower.)

• The mortgage broker: He offers the mortgage products of many lenders, specializes in mortgage loans and works only for commission (remunerated by the lender).

Mortgage brokers have existed for thirty years, but have only become a major factor in the mortgage market over the last few years (taux hypothecaire). Mortgage brokers work hand in hand with many lenders (more than 30) in order to offer the best solution to their clients. Nowadays, there are more than 12,000 mortgage brokers in Canada who represent 27% of the market.)

(NB: I try to be neutral on this matter, but since I am a mortgage broker, I want to let you know that I believe that a mortgage broker is the best person to deal with for a mortgage - taux hypothecaire. Otherwise, I would have chosen one of the other fields!

You can be sure of one thing, it is the integrity and expertise of your mortgage consultant that will make the most difference. There are very good local bank branch representatives, very good mortgage marketers and very good mortgage brokers. Of course, there are very bad ones as well. It is the person in the position who will make the most difference in the long run.

No matter what, it is the integrity and expertise of your mortgage consultant that will make the most difference. There are very good local bank branch representatives, very good mortgage marketers and very good mortgage brokers. Of course, there are some really bad ones as well. It is the person in the position who will make the most difference in the long run - taux hypothecaire.

Mortgage brokering has become more popular

The CMHC did a survey that indicated that in 2004 more than 26% of the home loans in Canada were financed with the help of a mortgage broker. Even so, it is the individual and his integrity and expertise that will matter most (taux hypothecaire).

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Gregory is an Accredited Mortgage Professional (AMP). To get more information on mortgage rates - taux hypothèque, please visit: Mortgages - hypothèques