In the past, people looking to buy a home would turn exclusively to the banks for their mortgage needs. Nowadays, with more options available, more and more people are turning to a mortgage broker over the more traditional banks.

In this blog post, we break down some of the differences between brokerages and banks, and five reasons why you should choose a mortgage broker over a bank.

Mortgage Brokers Offer a Wider Variety of Products

There are several differences between the banks and a mortgage broker like Mortgage Design Group Inc. One big advantage that a brokerage has is its ability to offer a wider variety of products. Banks can typically only offer their own products. However, mortgage brokers can curate and present multiple mortgage options from different lender sources.

With more home buyers looking to compare rates, the demand for a mortgage broker has increased in recent years. A 2019 survey by CMHC has found that 47% of total mortgages originated from brokers. This was up from 40% in 2009.

A Mortgage Broker is a Licensed Professional

Independent mortgage brokers are licensed specialists who typically have more in-depth knowledge of the industry. They reach out to vendors on your behalf, and with access to multiple lenders and rates, they can find the best fit for you at the best rates. Because they acquire large quantities of mortgage products, brokers can also directly pass on volume discounts to you.

While banks may have in-house mortgage specialists, they are still limited to only offering the products that the bank has to offer. In-house mortgage specialists may not know exactly what the entire market has to offer. On the other hand, brokers are knowledgeable in both traditional and unconventional mortgage options. Banks will occasionally offer discounts on their posted mortgage rates. However, it is often up to the home buyer to initiate this negotiation.

A More Personalized Mortgage Experience

With access to more loan products than banks, mortgage brokers can provide more personalized options for your needs. Where a bank might only offer conventional mortgage solutions, a broker can advise which lenders will consider your case based on your individual circumstances.

Although banks are a familiar and trustworthy source, mortgage brokerages also provide a superior service experience. At Mortgage Design Group Inc., our clients know that they’re more than just a number to us. In fact, our world-class service is one of the reasons many of our clients keep coming back to us.

Homebuyers like to feel involved in the process, and we’re happy to guide them through it. We believe in cultivating strong relationships. Even after our clients have successfully been approved for their mortgage, they can rest assured knowing that we will continue to support their needs wherever the future leads them.

A Mortgage Broker Can Tell You Exactly How Much You Can Afford

When it comes to starting your house hunt, nothing is worse than finding your dream home only to discover that it’s out of your budget. With fully underwritten pre-approvals by our experienced mortgage brokers, Mortgage Design Group Inc. can help you find out exactly what you can afford when searching for your next property.

Applying for a pre-approval with Mortgage Design Group Inc. is quick, simple, and free. It doesn’t commit you to one single lender and protects you from rising interest rates for 120 days. This means you’re well-prepared for your new purchase, with plenty of time to shop for your perfect home. If you’re looking to take advantage of historically low-interest rates in Canada, find out how much you can afford today!

Accessible Service and Simple Process

At Mortgage Design Group Inc., we want to make mortgages easy and accessible to everyone. That’s why we don’t let ourselves be limited to our offices. With the same world-class service experience available online, you can easily get answers and advice from the comfort and safety of your own home.

Along with an easy-to-use online system, we’re proud to be a responsive provider, replying to all submitted inquiries within the business day. We reach out to our clients quickly after thoroughly assessing their applications. This allows our clients to get started on the process sooner without having to worry about constantly following up. More importantly, it means a faster route to home ownership.

We’re ready to get to work for you! Talk to us today and find out what we have to offer or ask us how we can help you reach your home goals in 2021!