Big Banks vs. Mortgage Brokers

Edmonton is a hockey town and we’re droppin’ the mitts: It’s bank vs brokers. In Blue and Orange we have the mortgage brokers and the team at The First Mortgage. Wearing Orange and White and looking hideous we have the banks. In all seriousness, this isn’t really a contest. We’ve got five cups and here is why.

 

Banks vs Brokers Mortgage Broker
The Bank
Mortgage Options The team at The First Mortgage has access to over 50 lenders including most of the major banks, credit unions as well as national and regional private lenders. Your bank has a small menu of it’s own mortgage products. Employees are encouraged to do everything in their power to keep you from shopping around.
Mortgage Rates Because a broker has access to so many lenders, he or she is in a position of power to negotiate. We also get access to promotions, discount rates and because we are part of the Invis group, we get the advantages of buying in bulk. A group of bankers in Ottawa or Toronto set the rate. It’s final. There is no negotiating.
Negotiations
As a mortgage broker, we work for you and negotiate against the banks. A mortgage specialist at your bank gets paid by the bank and is incentivized by the bank to get you to sign on the dotted line.
Ongoing Service Brad Murdoch and the team at The First Mortgage in Edmonton are always happy to offer free advice. We are in this for the long haul. We truly want to help you pay off your mortgage faster, power down debt, finance renovations and invest for your future. Because we did our due diligence while helping pick the right mortgage for you, you had flexibility to overcome any obstacles that might have come up. Generally you won’t get any proactive advice from your bank. You will get an annual statement and a phone call for renewal in 5 years.
At Renewal We looking forward to dropping the mitts for you again. Once the term of your mortgage is up for renewal, we will negotiate as hard or harder than we did the first time. The bank hopes you accept their first offer. It is never their best offer. Or is it?

 

Are you looking to buy a home, refinance or renew a mortgage? Call Brad Murdoch and the team at The First Mortgage in Edmonton, Alberta for your financing needs.

 

Mortgage brokers vs banks