Mortgage comparison
Mortgage Broker vs Bank in BC
Compare a mortgage broker with going directly to a bank using lender access, application fit, product terms, costs, communication and flexibility rather than slogans.
Neither a mortgage broker nor a bank is automatically the better choice. Compare the actual mortgage options, lender access, qualification fit, rate and fees, prepayment rules, penalties, communication and service available for your borrower and property situation.
Option A
Mortgage broker route
- May compare options from multiple available lenders
- Can help organize and present a file to suitable lender paths
- Service and lender access vary by broker and brokerage
- Compensation and any borrower-paid fees should be clearly disclosed
Option B
Direct bank / lender route
- Normally offers products available through that institution
- Can be convenient when the borrower already has a banking relationship
- Qualification follows that lender’s own policies
- Service model can be branch, advisor or centralized depending on the institution
Decision questions
Ask the same questions of both options.
Which relevant lenders and products are actually being compared?
Are the term, amortization, rate type and restrictions equivalent?
What happens if I break or change the mortgage early?
What fees or compensation apply and who pays them?
Who will handle questions through approval, conditions and closing?