I am a Mortgage Broker, Not a Mortgage Specialist

By September 7, 2012Mortgage News

One of the most common misconceptions people have about the mortgage industry is not knowing that there is a significant difference between a mortgage specialist and a mortgage broker.

Here are some key benefits and reasons for choosing a mortgage broker over a mortgage specialist:


1. Wide product availability.

Simply, a mortgage specialist is an employee on commission for one particular bank or lender, and can only offer you products that their own bank has.  A mortgage broker is licensed and regulated by the province, and can offer you mortgage products from a multitude of banks and lenders.

2. More rate options.

A mortgage specialist only has the rates available for their one bank.  They may say they have the best rate, but again they are only quoting the rates of one bank, their own.  A mortgage broker will shop the mortgage lenders for you, and will give you the best rates available from all the banks and lenders competing for the broker’s business.

3. Mandatory training.

A mortgage broker is required to be licensed with the province and must continue with on-going training each year. This keeps mortgage brokers knowledgeable and current in the industry.

4. Unbiased advice.

Because mortgage brokers don’t work as employees for the bank, they are completely unbiased and will guide you to what is the best mortgage product to suit your needs.

5. Mortgage negotiating on your behalf.

When you see a bank’s mortgage specialist, the negotiating is between you and the bank.  However, a mortgage broker will do the negotiating for you, and will keep your best interest in mind.


A mortgage specialist may say that they can offer you rates and products of other banks or lenders, but they are in fact having to refer your application to an actual mortgage broker in order to do this.

Knowing the difference, is it not in your best interest to work with a mortgage broker instead of a mortgage specialist?