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In terms of negotiation, bank lender does not always do the negotiation for you. You are always forced to negotiate even if you are a trusted and valued customer. For the mortgaged broker, the deal is much better. You are always given best rates right from the start.
The bank lender will obviously not contact you in case mortgage rates reduces before your closing date. On the hand your, mortgage broker will always contact you and work on your behalf to make sure that you are getting the best mortgage rate available on closing.
The bank lenders will advise you on products belonging to the bank. This means that you are only limited to products within your area or locality. Mortgage broker is never restricted or limited. They are in the right position to connect you with the best mortgage product depending on your situation. They cover a wide area and have many options of mortgage to choose from.
The bank lender must always go through your credit and check your information for eligibility every time you place a mortgage application. This is discouraging because the check is not done ones and for all. It is always confirmed every moment you attempt to make an application. The problem with this is that it can limit your credit rating.
Mortgage broker on the hand will only perform one credit check when you apply for your mortgage. After which the broker uses this single check to all other mortgage lender on your behalf.
The bank lender is typically paid based on the combination of the mortgage rate you pay, the amount and occasionally the amortization selected. For the mortgage broker, he gets payment from the mortgage lender depending on the mortgage amount and not the mortgage interest rate.
The bank lender get benefits from longer amortization periods increasing the interest of which you are expected to pay. Higher interests are there to increase the banks profit and benefits the bank lender. On the other hand, your mortgage broker is there to come up with a mortgage custom solution to lower the mortgage interest you pay. Your mortgage broker will then determine an amortization that will efficiently fit your budget.
The bank lender sends out mortgage renewals one month before your mortgage renewal date. You are therefore required to renegotiate your mortgage each and every time. Your mortgage broker will check the market for the best mortgage rate up to four months preceding your mortgage renewal. This will help save your money. As if that is not enough, the same mortgage broker will be there to do all the negotiations for you.
From all the provided information, it is obvious that we would all opt for a mortgage broker instead of a bank lender. A mortgage broker appears to be more on our side and indeed, economically friendly.
I would just like to thank Certified Mortgage Broker Toronto on behalf of me and my husband. Everything worked out perfectly and we got an excellent rate. We picked up our keys and everything is great. Could not recommend them enough. Excellent service and excellent team. Thank you.
I don't usually write reviews, but with CMBT I felt obliged to. Absolutely AMAZING service, I never chased these guys and they were always very clear with my options. They went above and beyond to find me the best rates and were very clear and understanding. They explained everything and made the whole process easy, I really could not recommend these guys enough.
Great guys and great service. The whole process was quick and done very professionally. They had the best rates we could find and were very helpful with explaining the whole process and all our options. Will absolutely be using them again.
After my first bad run in with mortgage brokers I had a coworker refer these guys to me, and I can honestly say this was a quick, easy and all around great experience. Being a first time home buyer I was kind of worried I was getting in over my head, but the team At CMBT was very understanding. They walked me through the whole process and answered all of my questions. They found the best rates and we went over them together. These guys are honestly a pleasure to work with and I would absolutely recommend you check them out if your looking for a high quality mortgage broker service.