4 REASONS WHY MORTGAGE BROKERS ARE BETTER THAN BANKS
June 29, 2021 | Posted by: Keith Leighton
4 REASONS WHY MORTGAGE BROKERS ARE BETTER THAN BANKS
It’s easy for brokers to compete with the banks. While banks may offer competitive rates at times, right now we have much better rates than the banks. Also, we have certain advantages which allow us to blow the banks out of the water most of the time.
1. More Choice
Banks can offer 4-6 limited products to you and will try to fit you into one of those products. Brokers have access to banks, credit unions, trust and mortgage companies as well as private lenders that offer 100’s of products to suit your individual needs.
2. Better Representation
Bankers are employees - They put their employer first . They won’t offer you the best rates unless you are a good negotiator.
Brokers are independent - licenced by provincial organizations and have to follow a code of ethics which requires that we put the consumer first. We also negotiate the best rate, terms and conditions for you. If you need to break the mortgage before the end of the term, we can assist you with that and perhaps help you to avoid paying a penalty.
3. More Benefits
If you are moving into a home that is more than one year old, you probably do not have a home warranty. Brokers have 3 lenders who offer home warranties, which can cover repairs to the plumbing, heating and electrical systems with a small deductible. Two of the lenders even offer this as a complimentary service for the first year while the third lender offers it for the length of the mortgage. As Dominion Lending Centre brokers, we also have discounted rates for moving services and boxes from a large national moving company.
4. Better Protection
Best of all, brokers offer portable mortgage life and disability insurance.
Brokers offer the same coverage as the banks offer with one important difference – Portability. Circumstances can change and lenders may not offer favourable terms on renewal. If you try to leave a bank after developing a condition like high blood pressure or having a heart attack, you will have to re-apply for insurance coverage and may be denied. There are hundreds if not thousands of unhappy bank clients who are stuck paying high interest rates because they are forced to stay with a lender. Broker insurance gives you the independence to move from lender to lender depending on who is willing to offer you the best rates and terms. This is a real game changer for anyone who develops health issues.
Is it difficult to compete with the banks? No – Brokers beat banks hands down!
At DLC Ideal Mortgage we are happy to serve you and, in most cases, our service is FREE!
Contact us today to learn more!
