Mortgage Broker vs Bank Mortgage Rep

I'm often asked whats the difference between a Mortgage Broker and a Bank Mortgage Specialist. There are many differences.

Most banks now have a mobile mortgage sales force. These mobile mortgage reps can go by various names such as Mortgage Development Manager or Mobile Mortgage Specialist etc. Below are just some of the differences between a Mortgage Broker and a Bank Mortgage Rep.

1) The mortgage rep from the bank can only provide with options sold by their institution which means that if you are declined or they don't have the product you need, too bad for you. A Mortgage Broker like myself will always get the lowest rate or if you're declined on your first application we have access to many different lenders that may be interested in your deal.

2) If the bank the mortgage rep works for doesn't offer the lowest rate for the term you're interested you lose out. A mortgage broker has access to the best deals.

3) Mortgage rep is employed by the bank and is not required to go through the training required to become a mortgage broker. In British Columbia all mortgage brokers are required to take the Mortgage Brokers offered through UBC.

4) Mortgage Brokers are not employed by any one bank therefore are advise is unbiased.

The above are just some of the reasons why a mortgage broker can offer you value added services the Bank Mortgage Specialist cannot. Keep in mind that the above list in not conclusive and just some of the differences.