The Difference Between a Mortgage Broker and a Private Lender

At Benson Mortgages, we’re committed to simplifying the mortgage industry. We’ve noticed that many people get overwhelmed by the plethora of options and jargon, so we’re working to break down these barriers. Today, we’re addressing the distinctions between a mortgage lender and a mortgage broker. While these terms are often used interchangeably, there are important differences, and we’re here to clarify why!

Mortgage Lender 

A mortgage lender in Ontario is an institution or individual that provides funds to borrowers for purchasing or refinancing properties. These lenders can include banks, credit unions, mortgage corporations, trust companies, and private lenders. They offer a variety of mortgage products and determine the terms and conditions of the loan, including interest rates, repayment schedules, and eligibility criteria.

Mortgage Broker

A mortgage broker in Ontario is a licensed professional who acts as an intermediary between borrowers and lenders. They help individuals and businesses secure financing for purchasing or refinancing properties by connecting them with suitable mortgage products from various lenders.  Benson Mortgages has years of experience and the right attitude to get the job done!

Our mortgage brokerage has access to multiple banks, credit unions and private lenders. Of course, the main advantage to this is that you have your very own price comparison service and you will have a much higher chance of finding the right mortgage for you and your family. 

Conclusion

After a chat with our team at Benson Mortgages, we’ll have a good grasp of your needs and will go the extra mile to find the perfect mortgage for you.  Good news! We are both a mortgage brokerage and a private lender.  Count on us to steer you clear of any common pitfalls and set you on the right path!