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Is It Better To Work With A Mortgage Broker, A Mortgage Marketer, Or A Bank Representative?
By Gregory van Duyse
The three main types of mortgage consultants are:

• The representative of the local bank branch: This person can only offer loans, not a full strategy, and they have regular banking duties to attend to. They are paid a salary by the bank that employes them, with the possibility of an annual bonus.

The rep of the local bank branch plays the part of a mortgage consultant, and he is the only one who can submit an application. Things are different recently in the mortgage lending, and now most lenders also work with mortgage brokers or sometimes mortgage marketers - taux hypothecaire. The bank representative will still offer a mortgage loan (in addition to the other financial products the bank offers) but only for the one bank.

• The mortgage marketer: He only deals with loans, with a specialty in mortgage loans. He is compensated by the bank that he originates the loans for.

A recent trend is for banks to hire local reps in order to serve the clientele best. A mortgage marketer (taux hypothecaire) will go to the client, but he works for the bank that hires him. He is paid a commission on the amount of the loans he originates.

• The mortgage broker: The broker can offer the loan products of many lenders. He specializes in mortgages and works for commission, which is paid by whatever lender takes the loan.

Mortgage brokers have been in business for a while (thirty years) but have only recently become an important factor in the mortgage market. A mortgage broker will work with many lenders (thirty or more) and can deal with any one of them to find the best deal for a client - taux hypothecaire. There are more than 12,000 mortgage brokers in Canada, and they represent 27% of

the total home loan market).

(Please note that, although I try to be neutral on the subject, I am a mortgage broker - taux hypothecaire. I want to let you know that I believe working with a mortgage broker is the best way to go when you are shopping for a loan for your home.)

Of this you can be sure: the expertise and integrity of whatever advisor you work with will make a big difference. Yes, there are expert local bank branch representatives, expert mortgage marketers and expert mortgage brokers. And then, there are those who do not fully understand this field.

It is the person in the position that is most important.

Of this you can be sure: the expertise and integrity of whatever consultant - taux hypothecaire you work with will make a big difference. Yes, there are expert local bank branch representatives, expert mortgage marketers and expert mortgage brokers. And then, there are those who do not fully understand this field.

It is the person in the position that is most important.

Mortgage brokering has become more popular

A survey by the CMHC showed that in 2004 more than 26% of mortgage loans were financed with the help of a mortgage broker (taux hypothecaire). No matter what, it is the individual, his integrity and his expertise that will make the difference.

Gregory is an Accredited Mortgage Professional (AMP) with Mortgage Intelligence. If you need more information about Mortgage broker - courtier hypothecaire, visit: Hypotheque - Mortgage Intelligence

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