Brandon Nishi | Mortgage Broker
Mortgage Broker vs. Bank
Benefits of a Mortgage Broker
1. Mortgage brokers are FREE!
Many of my clients are shocked when they realize my services are free. Travel time, rate shopping, and organizing your mortgage applications doesn't cost cost a dime. The banks are the ones paying the broker!
3. You have access to over 30+ Lenders
This is where a mortgage broker really shines. I have excellent connections with numerous bank who all want your business. I have the ability to connect you to big banks, mono-lenders, private lenders etc. (Ex: TD Bank, Scotiabank, Street Capital)
3. Low Interest rates and best terms
With access to over 30+ lenders, you can accept some of the best rates in the industry. Although, I always mention to my clients that interest rates are only 50% of the mortgage. I also consider the best terms in order to get my clients flexibility in their mortgage. Pre-payment options, mortgage mobility, and exit penalties can cost a client more than just a few dollars more a month
4. One Application (Protect your credit score)
Many people don't understand that your one application goes much further than saving you time. Many people fail to get their mortgage approved because they're asking for too much or they don't have the documentation to fit the lenders requirements. Every time you go into a bank and apply for a mortgage, each lender has to pull your credit score. (One bank isn't allowed to forward your credit score for conflict of interest and confidentiality). If your mortgage isn't approved, each credit pull can lower your mortgage leaving a home buyer with a weaker mortgage application after a few attempts.
5. Schedule flexibility with time and place
My promise to you is being able to schedule an appointment to fit your schedule. I find it important to fit to my clients needs and to help the home buying process because as stressless as possible. Whether you want to meet at 11pm or 4am, I am here to help you make a comfortable home buying purchase.
6. Regulated, Educated, and Highly Confidential
In addition to all the great rates, flexibility and industry knowledge, brokers are all regulated by FICOM which is organized by the government of British Columbia. In addition to regulations, every broker has to go through the sub-mortgage broker licensing exam which is ran by the University of British Columbia.
What's the Difference?
Mortgage brokers are the middle man between the borrower (The person buying the home) and the lender (The Bank). As everyone's financial situation is different, banks offer different products as well. It's a mortgage brokers job to examine bank's interest rates, policies and guidelines, and fit them to their clients needs. A mortgage broker offers access to 30+ lenders rates and policies. A bank only offers their one product