Whether you are in search of a mortgage for an investment property or residence, the need for a mortgage may be eminent. My experience through both types, investment and residences has always lead me to the same path in terms of securing a mortgage. A mortgage broker has the channels and resources available to them to hunt for the best rate for the client whereas a bank mortgage representative is there to provide you with a menu of one item; theirs.
The process of application for a mortgage is also so much more pleasant through a broker. A broker typically is paid a finding fee through the financial institution they secure for you, whereas a salaried employee from the bank is paid regardless, based on their black and white criteria from your application. They are limited in their abilities and decision making. The application process through a bank can appear slightly disorganized and mildly patronizing, when dealing with chuckling inexperienced bobble heads who feel the need to exude a false sense of high power in determining the fate of your outcome.
A bank will take much longer to respond to your questions and application as they are not paid based on transaction. A broker is service/results driven and will get back to you much sooner with the results or answers to your questions. Brokers are referral driven. They know that if your experience was a good one you will refer them to family and friends.
To that end, do not waste your time with a mortgage through your bank or any bank directly for that matter. Find a reputable mortgage broker who will go up to bat for you to secure you the best terms and rates. At the same time you should still do your home work on available rates and be aware of what is out there as you may still need to challenge your broker to ensure they have secured you the best rate.
Rob Balla
