When you need a mortgage, you can go to your bank or work with a licensed mortgage broker or agent. Both can get you a mortgage, but they work very differently.
Bank mortgage specialist
- Works for one bank and offers only that bank’s products
- Convenient if you already bank there
- If the bank says no, you have to start over somewhere else
Mortgage broker / agent
- Licensed by FSRA in Ontario and compares many lenders: big banks, credit unions and specialty lenders
- One application, many options, including for self-employed buyers, newcomers and credit that needs work
- Usually free for you on standard mortgages, because the lender pays the broker
- Stays with you at renewal to make sure you’re not overpaying
Which should you choose?
If you want the widest choice and someone to compare options for you, a broker is usually the better fit. That’s especially true if your situation isn’t straightforward, or you want to be sure you’re getting a competitive rate.
Questions? Book a free call with one of our agents.