What is the difference between a Mortgage Broker and a Mortgage Specialist at my bank?

Mortgage Broker vs Mortgage Specialist

Mortgage Broker

1. In BC, a mortgage broker is licensed under the BCFSA.

2. A Mortgage Broker brokers your mortgage. Meaning we have multiple lenders available to us and can find the best fit for our clients. We work as the link between our clients and the lender.

3. Mortgage Brokers only focus on mortgages. We spend all day everyday immersed in the mortgage world which makes up up-to-date and knowledgeable on all things related to mortgages.

Mortgage Specialist

1. A Mortgage Specialist does not require any formal training or license. Some banks offer in house training.

2. A Mortgage Specialist only has products available to them that their bank offers.

3. Mortgage Specialists are often trained in selling more products than just mortgages. In this scenario, a mortgage specialist might try to sell you on products other than a mortgage to make profit for the bank.