Who do I need to help me with my Mortgage?

Mortgages can be a bit confusing to many people, partly because it’s something they deal with very infrequently. So having a trusted guide along can really help you navigate the many complexities.

You have, basically, 3 choices: the Mortgage Advisor at the bank, a Mortgage Agent 1 or a Mortgage Agent 2. What’s the difference?

The Mortgage Advisor at your bank works for the bank, offers the products that your bank offers and, generally, has only the training the bank provides. That’s great if you have a straight-forward situation with salaries, good credit, the right kind of down payment, etc.

A Mortgage Agent 1 is licensed and regulated by the province you live in, has received extensive training, both independently and by the brokerage that supports them. They have access to a wider variety of lenders, included several banks, all federally regulated. Some of these lenders have different policies and penalties than a typical bank. So depending on your situation you may get more favourable terms than you would at your local bank branch.

A Mortgage Agent 2 has additional training so they can also deal with non-traditional lenders such as Private lenders. That means if you do not present a straight-forward profile, for example you’ve had credit issues, you are self-employed, you need a fast turnaround, these are the folks who can help you.

By all means talk with your bank, but I also urge you to find a recommended Mortgage Agent. You will never go wrong with having them in your corner as you go through this potentially complicated process.

My name is Steve Willson and I am currently a Mortgage Agent 1 with Mortgage Alliance in Toronto. I’m in the process of writing my Mortgage Agent 2 exam, so hopefully I will be successful.

You can reach me through my website: stevewillson.com