November 2, 2016 nkad3

Mortgage Broker vs Bank: Which is a Better Fit?

The magic question for every mortgage seeker: mortgage broker vs bank… which is a better fit?

As a mortgage brokerage, this blog may seem biased, but if do understand at least one thing… it’s that the major banks do not play together in the same sandbox. You can ask someone at the bank their opinion, and they’ll tell you the bank! They won’t tell you just any bank of course, just the one they work at. Likewise, each bank representative will do the same regardless of who you ask. They’re extremely competitive and extremely territorial. If one of them can’t help you, they couldn’t care less if someone else can. That’s why we’re different.

As a broker, I work with all of the banks, so why would I mislead you by telling you to choose us in the epic mortgage broker vs bank argument? As a brokerage we have way more resources than each individual bank will have on their own. I have the opportunity of working with all of them! I get to see the application in its fullest prior to submission and figure out which bank/lender is the right fit depending on the details. I have no preference in which bank I sent it to, no special incentive, and no loyalty to any particular bank. My loyalty as a broker is to you, the client. The satisfaction is in exceeding expectations so you can share your experience with friends and family.


In a nutshell, here are 5 reasons why you should choose a brokerage like CMS in your mortgage broker vs bank challenge:

  1. I create 1 application and cater it to the banks’ lending guidelines to appeal to the mass audience (1 application which can be changed as needed)
  2. I pull 1 credit report regardless of whether I send the application to 5, or 20 banks/lenders (saves you a lot of credit points!)
  3. We have great relationships with the underwriters and business development managers at the banks. These great relationships lead to great feedback and pointers. They can assist in properly presenting the deal especially with those tricky deals which we often run by them for some insider scoop
  4. Time is money… so let us save you money by saving you time. We pick up our phones, we return emails within minutes, we send e-documents… and most importantly you don’t need to visit each branch to get different quotes. This is 2016… c’mon.
  5. We deal with all major banks which you conveniently have access to. Here’s the kicker… we also deal with 8-10 A banks that you don’t have access to (First National, Street Capital, Home Trust, Equitable Bank, Equity Financial Trust, Optimum Mortgage, Bridewater Bank, IC Savings, Community Trust… and that’s not even all of them) We have options and lots of them.

I know I said 5 reasons, but here’s a bonus one for you.

  1. We have access to all rates at all times. That’s right. We know who is offering what, when it’s available and how to structure the deal to obtain it.


Mortgage broker vs bank victory speech: We treat this experience with exceptional care and concern and unfortunately at this day in age, you won’t get the same experience with the bank which is why in the battle of mortgage broker vs bank, we triumph. Times have changed, and banks have become less open minded to the walk in clients. You deserve to be treated like family, and that’s what a family business like CMS can do for you. This is our specialty and we deal with it day in and day out. We’re not preoccupied with other specialities… this is what we do and we have a lot of experience to back it up, 38 combines years to be exact. After reading this, who would you put your money on in the mortgage broker vs bank battle?

To learn more about how we can help you with your mortgage needs, contact us today!

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