What are the benefits of using a mortgage broker instead of a bank?

When you engage a licensed mortgage broker, you open a door to additional opportunities with a diverse array of products and lenders. Brokers have access to many lenders with wholesale rates and pass those savings on to their borrowers. Your local bank can build on the relationship they already have established with you, however, this "convenience" limits you only one lender, and their current offer for Product A, Product B, or Product C. Banks can be very conservative in their offers, giving you retail rates.

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