Why do Self-Employed People Need A Mortgage Broker vs a Bank | Mortgage Brokers Canada



Why do self-employed people need a mortgage broker vs a bank in Canada? Here is an analogy related to what you likely face every day in your own business.

Doesn’t it drive you crazy when one of your prospective clients shops around for a cheaper option instead of seeing the true value in your more tailored consulting or creative services? Don’t be like those prospects when it comes to looking for a mortgage. Make sure you invest time into choosing a good mortgage broker who will also drive value beyond getting you the lowest rate.

Going to a bank and settling for the first low rate you see will usually come back to bite you unless you use a trustworthy mortgage broker.

Three things to keep in mind when choosing a mortgage :

1) Go for quality mortgage products your mortgage broker provides you that are tailored for self-employed. Most banks will not have this readily available.
2) Education, transparency, and communication are pivotal and best provided by a great mortgage broker. Banks open and close at strict times and have rules that limit their customer service – who has time to be on hold these days?
3) You get what you pay for! Shopping for the lowest rate means no customer service and no one to hold accountable when the fine print costs you thousands of dollars because you broke your mortgage.

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