Tuesday, June 26 2018 – The Difference Between a Mortgage Broker and Mortgage Agent
I am often asked what is the exact difference between a Mortgage Broker and a Mortgage Agent.
Although the main page of my website discusses the differences, I thought it prudent to go through the exact definitions, differences and similarities between a Mortgage Broker and Mortgage Agent.
So what is the difference between a Mortgage Broker and Mortgage Agent?
The answer is: Not a whole lot.
In fact, in term of what they can do for you a Mortgage Agent is very similar to a Mortgage Broker. With that said, let’s go through the major differences before moving on to their similarities.
A Mortgage Broker is either a firm or individual who is licensed to work on mortgages and employ other mortgage agents. In contrast, a Mortgage Agent works on behalf of the firm or individual with the Broker’s license.
In fact, many if not most of whom the public considers to be Mortgage Brokers are in fact Mortgage Agents. While there are different licensing requirements Mortgage Agents fulfill many of the same functions are Mortgage Brokers.
Lets go through some of the similarities between Mortgage Brokers and Mortgage Agents.
Both Mortgage Brokers and Mortgage Agents are Licensed to deal in mortgages by the Financial Services Commission of Ontario (FSCO). Both Brokers and Agents have to undertake licensing exams in order to work with mortgages.
Mortgage Brokers and Agents have access to the same programs provided by over 67 lenders. Indeed, Mortgage Brokers and Agents both have access to the Lowest Interest Rates, Private Lenders, Second Mortgage Financing and all of the other specialty programs associated with Mortgage Brokers.
Third and Most Important: Client Focus.
Both Mortgage Brokers and Agents are focused on ensuring our clients receive personalized service and the lowest interest rates!
In summary, while Mortgage Brokers and Mortgage Agents have differing licensing requirements there is much more that unites them than divides them!
If you are interested in taking advantage of the low interest rates to which I have access just send me a text or give me a call, 519-860-2102, or Contact Me..