LeahCoss.ca Hi everyone, it’s Leah Rochelle with The Mortgage Center. I’m going to kind of sit off to the side and keep the sun out of my eyes so I don’t squint while talking to you. But I wanted to talk about why a mortgage broker might use one lender over another, especially if all things are equal. Is it the same rate, same prepayment options, same terms, and everything like that? If everything’s equal, why would a mortgage broker put you with one as opposed to another? And yes, there are definitely reasons that come into consideration, more so for our ease, but in some cases for your ease as well. The first thing is, especially if we have the choice between a chartered bank and a regular mortgage lender. We might, depending on how big of a hassle we want to give you, just go with the nonbank, the mortgage lender as opposed to the chartered bank. The reason for this is simply that then you don’t have to do what’s called a branch signup. A branch signup is really something that is unnecessary. It’s just the opportunity for you, for example, so you go into Scotiabank or TD or wherever, they require you to do a telebranch signup which has nothing to do with your mortgage. They just simply want you to come in so that they have the opportunity to try and upsell you on things such as insurance, RSPs, opening a bank account with them, and so forth. Depending on how I think you are, I might say, “You know what, let’s just go with the regular mortgage lender as opposed to the … …

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Why Mortgage Brokers Use One Lender Over Another