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When Buying a Home, Should You Work With a Mortgage Broker or a Banker?
The current real estate market is characterized by high inflation, continuing rate hikes, and historic volatility, making finding a good mortgage rate a high priority for those looking to buy a home. When you want to buy a home, you have two options when looking for an affordable rate: working with a mortgage broker or going directly through a bank. But which option is the right one for you?

According to a recent RE/MAX report, both routes offer advantages, and which is better depends on you and your buying situation. The main difference between a bank and a mortgage broker, however, is that a broker works specifically for you. Partner with a broker (like those from our team at Donna Mullen & Associates, Mortgage Architects), and they will be able to give you more lending options than a bank. And because they work for you, they will shop around to get you the best terms for the best rate.

Comparatively, a bank will only give you the best options available from their own company. When you work with a mortgage broker, they have access to more lenders and rates, so they may be able to find you a lower rate with terms that better complement your situation. Plus, they might also be able to secure discounts from lenders they work with regularly.

Keep in mind, though, that working with a mortgage broker may require more paperwork and processing if you don’t already have an established relationship with them. If you have a tight lending deadline to meet, this may not work in your favour.

Overall, working with a mortgage broker offers significant advantages if securing the best terms at the best rate for your mortgage is important to you. Contact us at Donna Mullen & Associates today to tell us about your buying situation and start an application for a new mortgage.