MortgageExpert

Mortgage Broker
vs. Bank

The choice is clear. See why 80% of Canadians now use a mortgage broker instead of going directly to their bank.

Last updated: April 13, 2026

Get Free Consultation Call 236-238-2361
RECOMMENDED

Mortgage Broker

Lower Rates

Access to 50+ lenders who compete for your business. Average savings of 0.20-0.50% vs. bank rates.

More Options

Compare fixed, variable, and hybrid products from major banks, credit unions, and alternative lenders.

Personal Service

Work directly with your broker, not a call centre. We handle all the paperwork and negotiations for you.

Your Bank

One Rate Only

Banks only offer their own mortgage products. You have no way to know if it's the best deal available.

Stricter Criteria

Banks have rigid approval boxes. If you don't fit their criteria exactly, you may be declined even if you're creditworthy.

Sales Pressure

Bank advisors are employees with sales targets. They may push products that benefit the bank, not you.

Head-to-Head Comparison

Feature
Broker
Bank
Number of Lenders
50+
1
Rate Comparison
Yes
No
Cost to You
Free
Free
Approval Flexibility
High
Low
Self-Employed Options
Extensive
Limited
Bad Credit Options
Yes (B-lenders)
No
Negotiation
We negotiate for you
Take it or leave it
Advice
Independent
Biased toward bank products

Mortgage Broker vs. Bank — Full Feature Comparison

A detailed side-by-side breakdown of what a mortgage broker offers compared to going directly to your bank.

FeatureMortgage BrokerBank
Lenders Available50+ lenders (banks, credit unions, monoline, alternative)Only their own products
Rate ShoppingCompares all available rates automaticallyYou must ask; limited to bank's offerings
CostFree for borrowers (lender-compensated)Free (rate includes their profit)
Speed24 hours pre-approval typical3–5 business days typical
Unique/Poor CreditAccess to B-lenders and alternative programsLimited options; may be declined
Renewal LeverageCan switch lenders penalty-free; saves $10K–$30KYou must initiate switch; banks hope you don't
Typical Savings0.25–1.0% lower rate than bank renewal offersBase/reference option (no shopping)

Common Questions

Is it better to use a mortgage broker or go to a bank?▼
A mortgage broker is generally better because they compare rates from 50+ lenders, while a bank only offers its own products. Brokers often secure lower rates, have more flexible approval criteria, and their service is free to you.
Do mortgage brokers charge a fee?▼
No. Mortgage brokers are compensated by lenders when your mortgage closes. Their service is completely free to you, and you still get access to lower rates than going directly to a bank.
Can a mortgage broker get me a lower rate than my bank?▼
Yes. On average, mortgage broker clients save 0.20-0.50% compared to bank rates. This is because brokers have access to broker-only discounted rates and lenders compete for your business.

Ready to see the difference?

Get a free rate comparison. We'll show you exactly what you can save vs. your bank's offer.

Get Free Rate Comparison Call 236-238-2361