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Mortgage Brokers vs. Banks

780.909.3659



Service

A Canadian mortgage broker/associate is a self-employed professional who specializes in real estate financing and works specifically for you, the client. Canadian bank specialists are employed specifically by the financial institution and work solely for that institution. 

Every client is different as as such each one has a unique situation. Cheryl Wilkes Mortgages treats all our clients with the respect and attention they deserve. We can help you to secure mortgage loan products in Canada at the lowest mortgage loan rates without any hassles.

Depending on your province, mortgage brokers must be licensed and are subject to a strict set of requirements. Mortgage Professionals must also take continuing education courses in order to maintain their accreditation. Bank specialists, in comparison, are no licensed and require no formal training. Because of licensing requirements and continuing education that a mortgage broker has to obtain and sustain, you know that they are always up-to-date with all current Canadian real estate and mortgage financing market rules and regulations, instilling the utmost confidence with them, versus dealing with a Canadian bank specialist.

Products

The benefit of using a mortgage broker such as Cheryl Wilkes is the fact that I have the ability to shop multiple Canadian lenders and banks that write Canadian home loans for all types of credit clients. A mortgage broker has access to multiple Canadian home loan products, whereas your local bank or credit union only has access to their own individual products.

Because mortgage brokers don't work for a specific lender, you're assured that you will be given impartial advice. I work closely with both large, public Canadian banks and small, private Canadian trust companies. As a result, we are able to shop the market for you, our client, to access the best possible Canadian mortgage products. A bank specialist has a limited number of their own institution's products. While it may not be the best product out there, or even the best product for your individual needs, a bank specialist will do their best to sell you their institution's product.

Credit Reports

When a Canadian mortgage broker pulls a credit report we only need to pull it once to be able to evaluate your situation and recommend mortgage options. This one inquiry allows us to shop your mortgage to multiple Canadian lenders. 

Canadian mortgage brokers will evaluate homebuyers' applications , analyzing each person's credit situation to determine which Canadian lender is the best fit for their needs. A good mortgage broker can find a lender for just about any type of credit. we can often find a lender who will approve loans that a bank bank refuses for reasons such as credit problems.

If you were to go to your local bank and not be approved or be unsatisfied with their offer, you are left shopping the market yourself and having your credit report pulled over and over again. This is frustrating for the client and costs you multiple credit pulls, possibly resulting in a lower credit score. This could make you ineligible for the same loan programs as before and ultimately cause you to pay more for your mortgage. 

Better Service and Lowest Mortgage Rates in Alberta

 

Banks

Cheryl

Same Day Guarantee

No

YES

Number of Offered Mortgage Products

8-

50+

Evenings and weekends

No

YES

Alternative Needs Expert

No

YES

Discounted Rates and No Frills Rates

No

YES

Long Term Goal Planning

No

YES

Expertise and Mortgage Freedom Advice

No

YES

Expertise and Total Professionalism

When you call Cheryl Wilkes Mortgages, we'll work hard to help you find the right mortgage program for your needs. Leveraging our experience and extensive network of mortgage lenders, we work to help our clients find and secure the very best terms and rates available. We understand how much you have riding on your real estate purchase. That’s why we go the extra mile to provide the excellent service you deserve.

Let our team help make your upcoming real estate transaction smooth and hassle-free. Contact Cheryl Wilkes Mortgages today to learn more about our mortgage programs and options.

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