Mortgage Broker vs Mortgage Specialist

The terms “mortgage broker” and “mortgage specialist” might seem interchangeable, but unfortunately, that couldn’t be further from the truth. As a potential homeowner, it’s important to understand the definition of these groups before looking at the major differences. Mortgage brokers belong to an independent firm. This allows them unique access to rates and offers from various lenders. A mortgage specialist is employed by a single lender and works to sell that particular institution’s products (ex. banks). So which is better? I always encourage my buyers to talk to a Mortgage Broker first. Why? Here are my 4 reasons why:


Unlike a mortgage specialist, who is paid by the bank to sell their products, a broker works for you. And here’s the best part, that most people don’t know, they are FREE! A broker works as a link between you and the lender; they filter through the offerings to find you the best rate and product. They get to know your family’s needs and care about finding you the right home. Who wouldn’t want someone like that in their corner!


Mortgage and bank specialists aren’t required to have any formal training. While some lenders do provide in-house training, this varies. Mortgage brokers continue to maintain their education through licensing, license renewals, and educational courses. As a result, a mortgage broker provides expert advice you can trust!


 A mortgage broker is employed by an independent firm and has access to many lenders, while a mortgage specialist can only access their particular lenders’ products. This can mean a big difference in rates and mortgage terms for homeowners! When it comes to mortgage brokers, all they do is mortgages; they live and breathe homeownership. Mortgage specialists and bank staff are often trained with a focus on cross-selling.


And all the working parents said AMEN. Most banks don’t offer great business hours, which can make it hard to book an appointment. Most mortgage brokers are self-employed, and they are motivated to assist clients. They are often available for appointments outside of business hours such as evenings or weekends which truly helps anyone who works during the day. 


If you can’t already tell I’m biased towards my clients working with a Mortgage broker. They are incredibly helpful, knowledgeable, and passionate humans that make one of the biggest decisions of your life a little easier. Do yourself a favour and find a mortgage broker. You won’t regret it! Need help finding one? Give me a call. 


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