In this comprehensive comparison episode, Scott shares insights from his experience working at both a major bank and mortgage brokerage, providing an objective analysis of the pros and cons of each option when seeking mortgage financing. This detailed breakdown helps listeners make informed decisions about their mortgage journey.
Key Timestamps:
[0:00] Service Comparison
- Bank training advantages
- Customer service approaches
- Hours and availability
[4:30] Speed & Efficiency
- Processing timelines
- Bank limitations
- Broker flexibility
[8:45] Pre-Approval Process
- Bank vs. broker differences
- Document requirements
- Approval accuracy
[12:30] Rate Comparison
- Bank rate structures
- Exception possibilities
- Broker advantages
[16:45] Lending Options
- A-lending comparison
- Alternative lending access
- Exception policies
[21:15] Fee Structures
- Traditional mortgage fees
- B-lending costs
- Broker compensation
[25:30] Key Considerations
- Bank relationship benefits
- Broker advantages
- Decision factors
Key Comparison Points:
1. Service Delivery
- Banks: Better formal training
- Brokers: More flexible availability
- Mobile vs. branch experience
2. Processing Speed
- Banks: Single-lender limitations
- Brokers: Multiple lender options
- Timeline variations
3. Lending Options
- Banks: Strong A-lending, limited alternatives
- Brokers: Full spectrum of options
- Exception possibilities
Important Considerations:
- Bank exceptions for long-term clients
- Broker access to multiple lenders
- Fee transparency importance
- Service availability differences
Contact Information:
Office: 519-960-0370
