Want to use a Mortgage Broker but are Comforted by the Size of Big Banks?
When it comes to using a mortgage broker vs a bank when getting a mortgage (a big topic on reddit), I’ve already written about why it’s better to use a mortgage broker.
But some people feel a sort of comfort in dealing with a large institution like the bank and hesitate at the thought of using a mortgage agent.
To address that, we’ll use some relatively recent news announcements to compare Dominion Lending Centres (DLC) with the Royal Bank of Canada (RBC) and see how they size up to each other.
So let’s compare the amount of mortgages DLC funded compared to the Royal Bank of Canada (RBC) in 2021.
In December 2021, RBC President and CEO Dave McKay announced that RBC funded $35 billion in mortgages in 2021.
In comparison, DLC announced in February 2022 that we funded $78.5B in mortgages in 2021.
I’ll save you from doing the math: DLC more than doubled the amount of mortgages funded by RBC, $78.5B to $35B.
You don’t double the output of a major bank without having something valuable to offer to a customer, regardless of size.
Not big enough for you?
Here’s another fact: DLC originates more mortgages every day than any other bank in Canada. That’s right. More than any of them. Not just RBC.
So when you come to me and DLC for a mortgage or a home equity line of credit or to refinance your existing mortgage, you’re dealing with the biggest player in the field of mortgages.
Stop hesitating and enjoy the benefits of working with a DLC mortgage agent.
If you’re interested in knowing which lenders we use to broker so many mortgages, see this list for some of the lenders we deal with.
Or you can download my free mobile mortgage calculator app and see a list of lenders and their rates (as well as perform all kinds of mortgage related calculations):
Get my free mobile mortgage calculator app!
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