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Mortgage Broker, Professional or Advisor. What is the difference? This is a great question because it determines exactly who you are working with.

I’ll start by asking you a question. How important is it to you to work with someone who is licenced, independent and experienced? If it’s on your radar, keep reading.

A Mortgage Broker is commonly known as someone who works as an intermediary to arrange a mortgage for a client. A personal shopper for your mortgage if you like, it’s what I do. The trouble with the term Mortgage Broker is that we are actually not allowed to brand using the word Broker. Technically our brokerage (in my case TMG The Mortgage Group Canada Inc.) is the Broker and I’m the Sub-Broker. Just the same as a Realtor licenced by their Brokerage but they get to call themselves Realtors.

Pardon? Yes, exactly it’s confusing and here is why. Enter bank employees that are not licenced Mortgage Brokers (Sub-Brokers) and they are using the same terms that we are required to use such as Mortgage Professional or Mortgage Advisor. How are you to know the difference between one versus the other when the title is the same? The same problem occurs in the investing world with Financial Advisors/Planners etc.

Let’s go back to why it’s important to know who is who. I advise you to work with a Mortgage Broker (Sub-Broker) over any other for these top reasons:

  1. We are licenced - We pay for the privilege to work with you which includes continuing education and re-licencing every 2 years.
  2. We save you time & money - We shop your mortgage for you, access lower rates and are always available when the bank is closed.
  3. We are independent & objective - We work for you, not the bank so you can truly rely on our product recommendation.

Bottom line? Ask yourself again, how important is it to you to work with someone who is licenced, independent and experienced? It’s your choice, your investment & future and I’d love to be a part of it!

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