Mortgage Agent vs Broker

So, you’ve been saving up for a while. You’ve started to look at different properties on the market and you’ve narrowed it down to a few choices. However, if you’re going to make an offer to purchase that home, first you need to make sure you qualify for a mortgage. Where do you turn? Do you go to the bank and work through their application process? Maybe you reach out to the independent broker your co-worker recommended.

When there are so many options out there, it’s hard to know who you can trust. Should you work with a mortgage broker or a mortgage agent?

Before starting the application process, it’s important to understand the difference between a mortgage broker and mortgage agent.

What Is A Mortgage Agent?

Simply put, a mortgage agent is someone who is authorized to deal with mortgages, on behalf of a broker. Essentially, a mortgage agent is someone who looks at your short and long-term goals, income, and credit before helping find a mortgage solution that works for you. An agent has your best interest in mind and will try to assist you as best they can. From helping you through the application process to answering questions, a mortgage agent is there to help make securing a mortgage simple and stress-free.

What is a Mortgage Broker?

A mortgage broker differs from an agent in that they are an independent professional who acts as a middle man between the borrowers (you) and various lenders. Brokers may have access to several different lenders and can present you with different options. In most cases, a mortgage broker is typically paid a commission by either the borrow or lender once a mortgage is secured. In some cases, a mortgage broker may be able to help secure a better rate than if you went to the bank yourself.

How Does A Mortgage Agent Help Me Buy A House?

A mortgage agent is also referred to as a mortgage advisor. During the home buying process, their job is essentially that, to advise you on the best mortgage for your situation. They often work with mortgage brokers and can help you look through the different offers the broker has presented. After explaining the different terms of each mortgage, the mortgage agent can examine your financial goals and help you select the mortgage that works for you.

Remember, a mortgage agent is someone who looks out for your best interest. In addition to discussing your mortgage options, a mortgage agent can help you develop various strategies to mortgage-free faster, limit the amount of interest you pay, and offer advice on mortgage protection, repayments, and refinancing.

Are You Ready To Buy Your Dream Home?

If you’re ready to talk mortgages and get approved to purchase a new home, contact me today. I would be happy to meet with you and discuss how I can help you secure a mortgage in Kingston. I specialize in residential mortgages, commercial mortgages and helping first-time homebuyers purchase their dream home. Give me a call today to get started.