The short answer
Use a mortgage broker when you want to compare options instead of accepting one lender's offer. Brokers can place your mortgage with many banks, credit unions and specialty lenders, which matters most when your situation is not a straight line: self-employed income, a recent move to Canada, several properties, a short credit history or a renewal you want to shop.
Broker vs bank at a glance
| Mortgage broker | Your bank | |
|---|---|---|
| Lenders compared | Many banks, credit unions and monolines | Only its own products |
| Cost to you | Usually none; the lender pays the brokerage | No fee, but no comparison |
| Complex income or credit | Can place you with lenders that fit | Limited to one policy |
| At renewal | Compares your lender's offer with the market | Offers its own renewal rate |
| Ongoing help | Reviews your mortgage as rates and plans change | Varies |
What a broker does for you
- Shops lenders and explains rate, term, prepayment options and the penalty to break the mortgage.
- Prepares and submits your file so the lender sees your income and documents in the best accurate light.
- Negotiates on your behalf and checks the fine print.
- Stays involved at renewal, when many people overpay by signing the first offer they receive.
When your bank can still be right
If you have strong income, a large down payment and a good relationship with your bank, its rate may be competitive. A broker will tell you so. Comparing costs you nothing, and our free mortgage calculator helps you check the numbers yourself.
Talk to a broker
Call or text (289) 513-3328 or start a free application. We never check your credit to start.