Should I a Mortgage Specialist or Branch Employee?

Happy New Year!

I hope everyone had a joyous holiday celebration and that 2014 is a year of happiness and many successes for all.

It's Time to Get a Mortgage

Many home buyers, especially first time buyers, require a mortgage. When choosing which financial institution to work with I find that many buyers don’t realize that not only can they choose which institution they do business with, but also what type of mortgage representative they do business with.

When it comes to the big five banks, there are two types of mortgage employees: a mortgage specialist, often referred to as a “mobile mortgage specialist” and an in-house bank employee, sometimes referred to as a “personal banker." These titles can vary from bank to bank, but the roles are similar.

I have asked Edyta Slipper, Mobile Mortgage Specialist with Bank of Montreal to outline the differences between the two.

Mortgage Specialists vs. Personal Bankers

• Mortgage Specialists are subject matter experts, specializing in residential home mortgages. They have extensive experience in a wide variety of home financing scenarios/solutions, non-traditional mortgages and programs. They are very knowledgeable and can provide quick solutions, sometimes in unexpected circumstances.

• Personal Bankers do not specialize in home financing. Their role requires providing services in a wide array of banking products and services, such as loans, investments, personal banking accounts, credit cards and other everyday banking transactions. This limits them to become a subject matter expert in any specific area as their exposure to a continuous focus is limited.

• Mortgage Specialists have access to lower mortgage rates. Rate discounts are given based on posted bank rates. Mortgage Specialists have the same authority for rate discretion as regional managers. Whereas Personal Bankers are limited to branch manager’s authorization, which can vary from branch to branch.

• Mortgage Specialists provide service around the clock.  They are usually available 7 days a week, 24 hours a day, holidays and weekends.  They are very flexible in accommodating clients based on their time and location needs.  They can often meet a client at their home, office or a nearby branch to make the experience as convenient as possible.

• Personal bankers are limited to regular branch banking hours. If unforeseen circumstances arise outside of the branch’s regular business hours, they will likely be unable to provide information or financial guidance. This could be a big problem if you’re in the middle of offer negotiations, which often occur outside of regular business hours.

• Mortgage Specialists can usually place your mortgage at a branch of your choice. It can be the branch you currently do business with or whatever branch may be closest to the home you have purchased. This is an added bonus if you are “branch loyal."

Contact Edyta

If you are looking for a mortgage pre-approval or want general mortgage advice, Edyta can be reached at 905.330.8906, edyta.slipper@bmo.com.

Contact Hilda Campbell 

When you’re ready to buy or sell in the Burlington or Oakville area, or for general real estate advice,please contact me. I can help!