Mortgage Broker vs. a Mortgage Specialist...What's the difference?

May 3, 2021

Do you know the difference between a mortgage broker and a mortgage specialist?

mortgage broker

No matter where you are at in your home buying journey, I wanted to provide some information that might help you consider utilizing my services to ensure you get the best mortgage product, for YOU!

To most consumers “mortgage broker” and “mortgage specialist” would seem interchangeable - but the differences are more important than you might think.

Mortgage brokers such as myself belong to independent firms, allowing us to access rates and offers from various lenders’ (Canada's big banks, credit unions, private lenders and alternative options). A mortgage specialist is someone employed by a single lender (such as a bank) and it is their job to sell that particular institution's products. Here are some more interesting differences:

1. Mortgage Brokers Work for YOU:

Unlike a mortgage specialist, who is paid by the bank to sell their products, us brokers work for YOU! It is our job to act as a link between you and the lender, filtering through to find you the best rate and product.

2. Mortgage Brokers Care For Our Clients:

Most of us brokers are self-employed. Therefore, we rely on referrals and word-of-mouth. This guarantees the best experience for my clients as I am extremely motivated to help you achieve your dream of home ownership!

3. Mortgage Brokers are Licensed Professionals:

It might surprise you to know that mortgage specialists and bank employees are not required to have any formal training! While some lenders do provide in-house training, this is very different from the required provincially regulated course and exam that I was required to pass as a mortgage broker. But it didn't stop there! I also maintain my education through license renewals and educational courses. As a result, I provide expert advice you can trust!

4. Mortgage Brokers Have Access to Greater Rates:

Since I am employed by an independent firm, I have access to over 90 lenders. This lets me see dozens of rates and mortgage products. A mortgage specialist, on the other hand, can only access their own lenders’ products. This can mean a big difference in rates and mortgage terms for potential buyers like you!

5. Mortgage Brokers Focus on Mortgages:

When it comes to brokers, all we do is mortgages! In fact, I basically live and breath home ownership! For mortgage specialists and bank staff, they are often trained with a focus on cross-selling. So while you may have booked an appointment to discuss a mortgage, many times they will focus on consolidating your banking needs and try to cross-sell you on credit cards, insurance, RRSPs, lines of credit, etc. While this can sometimes be helpful, many potential homeowners may find it overwhelming. I promise to focus on your main goal - your mortgage!

6. Mortgage Brokers Offer Flexible Hours:

As most of us know, banks typically don’t offer great business hours. This makes it hard to book an appointment with a specialist. As I am self-employed and motivated to assist my clients, I am readily available to make an appointment that best suits YOUR schedule.

As a dedicated mortgage professional, I would be honored to help you on your home buying journey. Please contact me at your earliest convenience to set up a virtual appointment so we can discuss your goals and the mortgage process.

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