One of the first decisions when getting a mortgage: work with a broker or go directly to a bank? The right choice depends on your situation, preferences, and what matters most to you. Here's an honest comparison. How Mortgage Brokers Work What Brokers Do Submit applications to multiple lenders on your behalf Compare rates and products across 30-50+ lenders Handle paperwork and negotiation Advocate for your interests How Brokers Are Paid Lenders pay commission when mortgage funds No direct cost to you (typically) Commission varies by lender and product Must disclose any fees to you Broker Access Direct Access Big 5 banks Limited/no Yes Credit unions Many Yes Monoline lenders Yes Usually no B lenders Yes Some Private lenders Many Some How Banks Work What Banks Offer Their own mortgage products only May offer relationship pricing Can bundle with other banking products Branch convenience Bank Advantages Existing relationship Brand familiarity All financial products in one place May offer loyalty discounts Experience the Broker Advantage Get pre-approved through our team and access 50+ lenders with one application. Head-to-Head Comparison Bank Lenders compared 30-50+ 1 Rate access Often better Must negotiate Complex situations Specialists available Limited flexibility Speed Varies Often faster Relationship New May be existing Bundling Limited Strong After-hours service Often yes Usually no Product education Core service Varies When to Choose a Broker You're a First-Time Buyer Need guidance through the process Benefit from product comparisons Want expert advocacy Your Situation Is Complex Self-employed or non-traditional income Credit challenges Unique property type Need specialized products You Want the Best Rate Brokers compare multiple lenders Access to wholesale rates Competition drives better pricing You're Refinancing Comparing refinance options is crucial Penalty calculations vary widely Broker can shop alternatives When to Choose a Bank Directly You Have a Strong Existing Relationship Private banking client Significant deposits/investments May get relationship pricing Your Situation Is Straightforward T4 income, excellent credit Standard property Simple needs You Want Convenience Everything in one place Familiar institution Branch access important You're Bundling Products Mortgage + line of credit + accounts May get package discounts Relationship matters more than rate The Rate Question Common misconception: Banks always have the best rates. Reality: Brokers often access better rates than bank branches Monoline lenders (broker-only) often have lowest rates Banks may match competing rates if asked Rate isn't everything—features matter too Rate Comparison Example 5-Year Fixed Rate Bank posted rate 5.49% Bank negotiated rate 4.29% Broker access (monoline) 3.99% Rates are examples—actual rates vary The Features Question Beyond rate, compare: Why It Matters Prepayment privileges How fast you can pay down Penalty calculation Cost to break mortgage Portability Moving to new property Blend and extend Adding to existing mortgage Skip-a-payment Flexibility during hardship Brokers help you compare these features across lenders. What's Next Ready to experience the broker advantage? Get pre-approved with our team—we'll compare 50+ lenders to find your best mortgage option. Ready to Get Started? Contact us today for personalized mortgage advice and competitive rates. Get Pre-Approved Call (416) 822-7357 Frequently Asked Questions Q: Do brokers work for free? A: Free to you—lenders pay the broker when your mortgage funds. Some specialty products may have broker fees, which must be disclosed. Q: Can a broker get me a bank mortgage? A: Generally no for Big 5 banks. But brokers access equivalent (often better) products from other lenders. Q: Are broker rates better than bank rates? A: Often yes, but not always. Brokers access wholesale rates and monoline lenders not available direct. Q: What if I have questions after closing? A: Good brokers maintain ongoing relationships. They're available for questions throughout your mortgage and at renewal. Q: How do I choose a good broker? A: Look for: experience, reviews/referrals, clear communication, licensing, and willingness to explain options (not just push products).
