Do you know the difference between using a mortgage broker and a bank to obtain your mortgage?
A Saskatoon mortgage broker is independent and works with many lenders to find the right product and rate for the client. The mortgage broker’s loyalty is to their client. We do not get paid unless we can fund the deal for our client. A bank is one lender with a set of products that is accessed by the mortgage broker or the client directly. Banks provide a set of products and rates which the mortgage broker will compare to other lenders to determine if it is the best product and best rate for their client.
One of the reasons mortgage brokers get discounted rates from the banks is that there is no overhead associated with us. The only payment we receive is if we fund the deal with them. A mortgage broker provides an unbiased opinion on your financial options. The bank on the other hand is responsible to its shareholders.