BROKER VS BANK
There are generally two ways to get a mortgage in Canada: From a bank or from a licensed mortgage professional.
While a bank only offers the products from their particular institution, licensed and professional mortgage brokers in Canada have access to hundreds of mortgage options from the largest banks, credit unions, trust companies to lending institutions allowing clients more financial possibilities. Clients have been denied for a home loan from their institution only to find they were approved via other avenues with similar rates (sometimes better rates) after working with an experienced mortgage broker. Clients benefit from the trust, confidence, and security of knowing they are getting the best mortgage for their needs.
Whether you’re purchasing a home for the first time, taking out equity from your home for purchase or pleasure, or your current mortgage is simply up for renewal, it’s important that you are making an educated buying decision with professional unbiased advice. Doing this can potentially save you thousands of dollars to be used for other expenses in life.