Bank or mortgage agency – which is the best choice?

Buying a new house is maybe the biggest investment in one’s life, which is why if you decide to do this, you have to analyse well all the options you have. In case you are planning to relocate but you still do not have all the money necessary, you may consider getting a loan that will help you pay the total amount. There are two main ways in which you can finance your new purchase, and these are on the one hand banks and on the other mortgage agencies. While both options have pros and cons, it seems that in the past years, the latter one has increased in terms of popularity and more and more people opt for Canadian mortgage rates. Some mortgage brokers work as facilitators between the individuals and the bank or lender, while there are also banks and lenders who prefer to collaborate directly with their clients.


Mortgage agencies play an important role in the mortgage industry, accounting for more than 10 percentage of the total loan transactions on the market. This is due to the fact that they bring benefits not only to homeowners, but also to financial institutions and lenders. Choosing between a bank and a mortgage agency is a controversial topic, because each of them has their own terms and conditions, and a certain target of clients. However, it seems that many people consider mortgage brokers the best option for getting a loan, and for good reason. While most banks have conservative programs which make a lot of people not eligible, brokers are more flexible and are willing to negotiate the terms and conditions, according to each client’s possibilities. In addition to this, the stiff schedule of banks makes it impossible for some people to make an appointment and find out more about their options. On the other hand, if you collaborate with a professional agency, one of their employees will be willing to establish a meeting whenever you are available.


If you are working with a bank, it may take some time until you finally get the loan, because the process is complicated and very bureaucratic. Furthermore, you may even need additional legal advice. By contrast, a mortgage agency will take care of all the legal work on your behalf, because their employees have a complex background and will spare you of any hassle. You will have plenty of options as far as financial institutions are concerned, and you will also receive valuable recommendations and financial inputs. All these are due to the expertise of mortgage brokers, who will be working diligently to help you choose the best solution.

Share This Post