Ever wonder what the difference is between a mortgage broker and the representative is at your bank? When dealing with a bank, you deal with only that one lender. Bank employees work on a salary and are paid to represent the best interests of their bank/ and their employer and only offer services provided by their institution. In fact, they can be paid annual bonuses bases on products they sold and how profitable those products were to the bank (looking out for the bank rather than their customer).
As independent mortgage brokers, we offer services and the lowest rates from over 40 lenders, which in turn allows us to design a mortgage which best suits your needs and saves you money. These options will take into account rate, features and benefits and also the cost of any prepayment penalty. Even though you may plan on staying with your current mortgage for the next 5 years, studies show us that 38% of people do end up refinancing within 5 years.
We will do all the paperwork and research necessary to get your application approved, saving you the time and complication of shopping for a mortgage on your own. Since Dominion Lending Centres brings millions of dollars in mortgage volumes to many different financial institutions, we can at times get extra benefits, such as lower interest rates and faster approvals. These benefits are passed onto you, the client. You would likely not access these perks as an individual borrower.