Banks Vs Brokers - Who Should You Choose?
This episode compares banks and brokers in terms of service, rates, options, and fees. The host shares his experience working in both fields and provides insights into the pros and cons of each. He emphasizes the importance of customer service and highlights the flexibility and speed of brokers compared to banks. The episode also discusses the different options available through brokers and the potential for exceptions and better rates with banks. The host advises against brokers charging fees for A lending mortgages.
Takeaways
- (00:00) - Introduction and Goal of the Show
- (01:01) - Topic: Banks vs. Brokers
- (04:22) - Hours of Operation: Flexibility of Brokers
- (06:18) - Speed: Advantage of Brokers
- (07:46) - Pre-approvals: Differences in Process
- (11:07) - Rates: Banks vs. Non-bank Lenders
- (12:06) - Options: Brokers' Access to a Wide Range of Lenders
- (15:28) - Fees: Differences and Caution
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Takeaways
- Banks and brokers both aim to help individuals achieve their homeownership dreams, but there are differences in service, rates, options, and fees.
- Banks generally provide better customer service training, but the level of service can vary depending on the individual.
- Brokers offer more flexibility in terms of hours of operation and faster turnaround times for mortgage applications.
- Brokers have access to a wider range of lenders and options, making them better suited for unique scenarios or troubled credit situations.
- Banks may offer exceptions and better rates for long-term clients with multiple banking products.
- Brokers typically do not charge fees for A lending mortgages, and it is advised to be cautious of brokers who do.
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