The short answer: a broker gives you access to more lenders, more rates, and more options at no extra cost. Here's the full comparison so you can decide for yourself.
Both can get you a mortgage. But the experience, options, and outcomes are often very different.
One lender, one rate. Your bank can only offer its own products. If their rate isn't competitive or they decline your application, you start from scratch elsewhere — often with another credit check.
50+ lenders, one application. A licensed broker shops your file across banks, credit unions, monoline lenders, and alternative lenders — finding the best rate and approval without multiple credit inquiries.
Broker services are typically free to borrowers — the lender pays the broker a commission (0.6–1.1% of the mortgage). Only private mortgage brokers or specific alt-lending scenarios carry borrower-paid fees.
Banks often have longer internal approval processes. A mortgage broker working with a monoline lender can sometimes fund in 5–7 business days — critical in competitive markets.
Self-employed, bad credit, rental properties, private lending — brokers excel where banks decline. We have access to lenders that don't take direct applications from the public.
A good broker tracks your file and contacts you 4 months before renewal — giving you time to shop the market rather than accepting whatever your bank offers. Banks rarely provide this proactive service.
| Factor | Broker | Bank |
|---|---|---|
| Number of lenders | 50+ | 1 |
| Cost to borrower | Usually free | Free |
| Alternative lending access | Yes | No |
| Proactive renewal shopping | Yes | Rarely |
| Self-employed solutions | Strong | Limited |
| Works for bad credit | Yes | No |
One call connects you with 50+ lenders. Free consultation, no obligation.