Banker

Access to Financial Institutions
Access to only the Financial Institution they are employed by

Hours
Generally Monday to Friday: 9am-7pm

Credit Pull
Credit Bureau must be pulled by each different bank/credit union you visit


Poor Credit - Can you get financing?
No

Product’s
Bankers have access to products their bank offers only.

If your Mortgage application is outside their guidelines, they are unable to approve your mortgage

Commission – Who Pays?
Client is not responsible to pay the banker for their services

Bank pays the employee a commission based on the size of the mortgage and length of time you sign for in term

Must I Qualify Under the Stress Test Rules
Yes

Licensed?
No - Criminal check? Possibly

Ongoing Service
No post-closing active ongoing service set up once the file is closed

Send out Annual Mortgage Statement


Broker 

Access to Financial Institutions
Access to over 50 lenders - Including Banks and Credit Unions

Hours
Available daytime, evenings & weekends

Credit Pull
One Credit Pull - No matter how many lender options we are considering all use our 1 report

Poor Credit - Can you get financing?
Yes

Product’s
Multiple options to offer that banks/credit unions do not have

Alternative lending options for the “outside of the box” files that don’t quite
fit but are still good solid buyers

Commission – Who Pays?
Client is not responsible to pay the broker for their services

Lender pays the Broker a commission based on the size of the mortgage and length of time you sign for in term

Must I Qualify Under the Stress Test Rules
Yes

Licensed? 
Regulated and Licensed - Criminal Check? Mandatory

Ongoing Service
Broker offers ongoing advice throughout your mortgage life

Sends out renewal reminders