Mortgage brokers can often be a better option than going straight to your bank because they offer more choice, flexibility, and expertise. Here are the key reasons:
Brokers work with dozens of lenders—including major banks, credit unions, monoline lenders, and private lenders.
This gives you a wider range of rates and products than a single bank can offer.
Because brokers do volume business with many lenders, they often get access to discounted or wholesale ratesthat your bank may not advertise to the public.
Even a small difference in rate can save thousands over the life of your mortgage.
A bank representative can only sell their own mortgage products, which may not be the best fit for your needs.
A broker can match your specific financial situation, income type, credit score, and goals to the lender and product that suits you best.
Self-employed? Have credit challenges? Buying a rental or unique property?
Brokers often know which lenders are flexible and which will decline you, saving you time and frustration.
You don’t need to go from bank to bank applying multiple times.
Your broker can shop around for you with a single application, protecting your credit score.
Most mortgage brokers are paid by the lender, not by you, on standard residential mortgages.
You get expert service, often for free.
Many brokers provide ongoing advice and mortgage management, such as renewal reminders and refinancing strategies, long after your deal closes.
Going to your bank is like shopping at just one store. A mortgage broker is like having a personal shopper who compares dozens of stores for you—and often gets you a deal.