Getting a mortgage that best serves you and your goals can be a challenge. It starts with a mortgage agent that is willing to put your best interests before theirs.
Understanding how mortgage agents are paid (motivated) is a good start.
The person at your local bank branch is where most people start and for good reason. It’s convenient, they know you, they have your banking records and it should be easy.
All those reasons are valid. Keep in mind the person you talk to in the bank is paid a salary and they will get paid whether they get you a mortgage or not.
Most banks also have Mortgage Specialist’s that do not work at a bank branch, are not on salary and do not get paid unless they get you a mortgage.
Bank branch employees and Bank Mortgage Specialist’s both offer the same mortgage rates and terms. One you can call after regular business hours the other you can’t.
One gets a salary the other is 100% Commissions. One is more motivated to get you a mortgage than the other. One focus’s on one bank product (mortgages) the other dabbles in mortgages.
If you are going to go through your bank, it’s best to ask for a dedicated mortgage specialist rather than a branch employee. The branch manager is the worst possible choice because they have no more power than the others and are much busier with other things to be able to give you the service you deserve.
Independent Mortgage Agents
Independent Mortgage Agents are highly motivated to get you a mortgage because they are paid 100% by a commission. It’s very easy to get a mortgage licence, but it takes years to become a great mortgage agent. So beware of newbies learning on the job. Don’t let them learn at your families expense.
These agents will tell you they work with 100’s of lenders and most of the major banks. This is a lie. They have access to 100’s of lenders and most major banks, but they only work with the ones that get deals done for them. Agents establish relationships with lenders and stick to the ones they are familiar with.
Independent Mortgage Agents will out work their bank counterparts to get you a mortgage all day long and should be your first choice.