Three reasons why you should replace banks with mortgage brokers

Choosing the right mortgage has always been a major decision that homeowners need to spend months thinking about and, traditionally, banks are the ones entrusted with mortgages. However, these financial institutions have started to lose ground in the past years, mainly in the detriment of mortgage brokers. At first sight, it might seem that banks are a safer option, but this is not necessarily the case. There are many reasons why you should consider replacing your local bank with a Canadian mortgage broker and listed below are just three of them.

Lower mortgage rates


The main thing that people expect from mortgages is to be as cheap as possible. If working with a bank might not guarantee the lowest mortgage rates in your town, contacting an independent mortgage broker could offer you the much wanted savings. Unlike banks, which only have one product to sell, mortgage brokers work with multiple banks and many other financial institutions, which means that they can offer you a mortgage option tailored specifically to your needs. Thus, you won’t have to get an expensive mortgage or one that does not benefit you in any way.


Better customer service


Because choosing the right mortgage is an important decision and should not be taken lightly, you don’t want to rely on someone who doesn’t answer your calls or is not there when you need them. Banks tend to do that, because they have thousands of clients and they don’t have the time for extensive discussions with each and every one of them. You might find that your local bank representative is cold, impersonal, hard to get in touch with and overall unhelpful. On the other hand, a mortgage broker has much fewer clients than a bank, so you can talk to him about all your concerns, get bespoke advice and pick the mortgage that matches your needs.


Reliability and professionalism


But aren’t banks more reliable than independent mortgage brokers? Not necessarily. There are many banks known for their horrendous customer service and you might have a bad experience even if the bank is famous or globally acclaimed. Mortgage brokers can sometimes be much more professional than banks and, if you choose one with good references, you have nothing to regret. The bottom line is that brokers tend to be more attentive of the client’s needs and deliver a more personalized experience.