Back to Blog
14 Oct

I work for YOU, not the bank!


Posted by: Carl McLennan


I am here to help with any of your mortgage financing needs, even if it is just to answer some questions.  I know that I have said it before, but it is so important that it warrants repeating…I work for YOU, not the bank!!  That sounds great, but what does it really mean?


Read on and I will explain….To fully understand, could literally translate into thousands of dollars of savings for you! 


Does it mean that you pay me for my services?

  • No, the lenders pay me a fee for bringing them the business.  Only in the most challenging cases like private loans or commercial lending do I charge you a fee.


Does that mean banks just pass the cost onto you another way?

  • No, because the brokerage I work for transacts such large volumes of business we can automatically get offered discounted rates compared to the regular marketplace.  Discounted rates are lower than what most banks offer and far lower than typical big bank posted rates.


It is the ultimate win-win situation, it doesn’t cost you to use my services and I save you money!


What about the “not the bank” part of “I work for YOU, not the bank?”

  • Unlike bank employees, such as mortgage specialists, I work with many different potential lenders.  Different lenders offer not only different mortgage products, but different rates and terms as well.  I may be able to qualify you for financing in a way no one has tried yet?


Is that it…..just different mortgage products and rates?

  • No, the most important point and distinction of a mortgage broker is that I have not only an ethical but also a legal obligation to look out for YOUR best interests.  Specifically, this is called fiduciary duty.  The same cannot be said for “banks” who must answer to their shareholders.


People are often afraid or sceptical about what they don’t know or understand.  I hope I have removed a bit of mystery about how a mortgage broker functions.  Call me today and get me working for YOU.


Carl McLennan
Vernon Mortgage Broker

Mortgage Matters that make ¢ents for you!