Banks vs. Brokers

Unlike other major financial institutions, wholesale lenders have no branches or sales force. Instead they confidently put their valued customers in the hands of licensed independent mortgage brokers.

There are two good reasons for doing business this way. First, by not spending money on branches and sales people their costs are lower which lets them offer very competitive mortgage rates. Second, most lenders believe mortgage brokers offer superior service, including a higher level of knowledge, faster response, 24/7 convenience and unbiased advice.

Choice = Competition = Better Rates! Every banker will tell you that their products and rates are the best. This simply cannot be true. Whether they are actively trying to deceive you, or whether they are simply naive, the fact remains that the mortgage industry has so much variety  to offer and so many choices available, that one financial institution can not offer them all. That is where a licensed mortgage broker comes in. An independent broker does not work for the bank, they work for you. Different lenders all have different strengths and weaknesses. A mortgage broker’s job is to sort through them, rate them, understand their products, and make professional recommendations to you.