What’s best to work with, with a mortgage broker, a mortgage marketer, or a bank representative?

By: Gregory van Duyse


There are three different kinds of mortgage loan consultants:

• The representative of the local bank branch: This consultant only offers loans, and he has other banking duties to attend to. They receive a salary from the bank they work for, and perhaps a bonus.

The local bank branch representative acts just like a mortgage consultant, but he is the only one who can actually submit a home loan application. Things have changed in the mortgage world, and now almost all of the lenders market their mortgages through brokers or sometimes through mortgage marketers - taux hypothecaire. Bank representatives still offer mortgage loans in addition to other financial products, but only for the bank they work for.

• The mortgage marketer: He only deals with loans, with a specialty in mortgage loans. He is compensated by the bank that he originates the loans for.

A recent trend is for banks to hire local reps in order to give better service to the client. A mortgage marketer (taux hypothecaire) will go to the client, but he works for the bank that hires him. He is paid a commission on the amount of the loans he generates.

• The mortgage broker: The broker can offer the loan products of many lenders. He specializes in mortgages and works for commission, which is paid by whatever lender takes the loan.

Mortgage brokers have been in business for a while (thirty years) but have only in recent times become an important factor in the mortgage market. A mortgage broker will work with many lenders (thirty or more) and can deal with any one of them to find the best deal for a borrower - taux hypothecaire. There are more than 12,000 mortgage brokers in Canada, and they represent 27% of the mortgage market).

(NB: I try to be neutral on this issue, but since I am a mortgage broker, I want to let you know that I believe that a mortgage broker is the best person to deal with for a mortgage - taux hypothecaire. Otherwise, I would have chosen one of the other fields!

One thing is certain. It is the expertise and integrity of the consultant that will make the difference. There are excellent local bank branch representatives, excellent mortgage marketers and excellent mortgage brokers. However, the opposite can also be true.

The service of the individual with whom you will work is most important.

One thing is certain. It is the expertise and integrity of the advisor that will make the difference - taux hypothecaire. There are excellent local bank branch representatives, excellent mortgage marketers and excellent mortgage brokers. However, the opposite can also be true.

The service of the individual with whom you will work is most important.

Mortgage brokering has become more popular

A survey by the CMHC showed that in 2004 more than 26% of mortgage loans were financed with the help of a mortgage broker (taux hypothecaire). No matter what, it is the individual, his integrity and his expertise that will make the difference.


Gregory is an Accredited Mortgage Professional (AMP) with Mortgage Intelligence. If you need more information about Mortgage broker - courtier hypothecaire, visit: Hypotheque - Mortgage Intelligence