What is a Mortgage Broker/Agent?

A Mortgage Broker is someone who is licensed to preform mortgage activities for a licensed Mortgage Brokerage.

A Mortgage Agent is someone who is licensed to preform mortgage activities under the supervision of a licensed Mortgage Broker.

What does a Mortgage Broker do?

A mortgage broker acts as a middle person between a lender (ie you) and a borrower (ie bank/lender).

Mortgage brokers take care of searching for the best interest rate by utilizing their network of lenders and financial institutions.

Mortgage Broker or My Bank?

Mortgage Brokers use their financial contacts to try and find you a better rate or a better mortgage product tailored to your specific needs.

Banks, on the other hand, only have their mortgage products based on the banks mortgage rates.