Canadians typically get a mortgage loan by going directly to a mortgage lender, such as a bank, or by using a mortgage broker. Whether you use a bank or a mortgage broker, you aren’t charged a fee for using either service. Mortgage brokers are paid directly by the mortgage lender for their services.
As a mortgage lender, a bank will only promote their own mortgages, which means you have access to a smaller selection of mortgage products, compared to shopping around through a licensed mortgage broker. A mortgage broker has access to mortgages from multiple lenders, making it easier to find the best deal.
Banks in Canada will operate with limited hours during business days, which can be frustrating if you’re in a hurry or work a 9-to-5 job. If you need a mortgage urgently with a quick turnaround, or have a question about your mortgage application, it can be tough to get answers on a weekend, evening or statutory holiday. Perch operates 7 days a week, so you never have to worry about a mortgage advisor being inaccessible.
Unlike hiring a real estate agent, mortgage lenders and mortgage brokers don’t require you to sign an exclusivity agreement to work with them. Shop around before committing to a mortgage, it could translate to thousands of dollars saved each year.
When you use a mortgage broker like Perch, you’ll get:
- Access to mortgage products from 30+ mortgage lenders
- Dedicated support 7 days a week, including evenings and holidays
- A streamlined, modern approach to comparison shopping for the best mortgage