Bushra Raja is a mortgage specialist in Ottawa Canada and met with me recently. She told me about the difference between bank specialist and brokers.
Like mortgage planners, mortgage specialists get paid by commission.
I was told there are two types of mortgage specialists in the market; bank mortgage specialists and mortgage planners. Naturally, the main difference between bank mortgage specialists and mortgage planners is that bank reps sell just bank products. Mortgage planners sell and research multiple lender’s products.
Most provinces require brokers to be licensed and meet minimum educational requirements while Mortgage specialists from the bank don’t necessarily need license. (Although that may change)
Although Bushra was very helpful and most likely I will sign with her but I’m a person who likes to know all my options. I would love to hear from any bank mortgage specialists out there on the pro’s and con’s of working for the bank versus being independent.
Tags: bushra, mortgage, Ottawa, Raja, specialist