Mortgage broker or your own bank?

Your bank can offer you only its own mortgages. A mortgage broker compares many lenders, including banks, credit unions and lenders that only deal through brokers, and is usually paid by the lender, not by you. A broker's real value is twofold: choice, with access to more terms and products than any single bank, and problem-solving, finding a lender for files a bank might turn down, like non-traditional income or credit issues. For most first-time buyers, especially professionals with less typical income, a good broker is the faster way to the right mortgage. Either way, what matters most is that the person is knowledgeable and responsive.

By Christian Torok, Broker, Porchlight Realty (RE/MAX Hallmark) · Reviewed

October 22, 2026

	Mortgage broker	Your bank
Choice	Many lenders	One lender
Cost to you	Usually none; the lender pays the broker	None
Strengths	Choice of lenders, terms and products; solving problems like incorporated or new-practice income, commission, or credit issues	Existing relationship; bundled banking; sometimes relationship pricing
Watch for	Ask which lenders they work with, and how penalties compare	You only see one set of products and penalty rules

What we look for in a broker or lender:

Responsiveness. On offer night, you may need to confirm a number at 7 p.m. A quick answer can decide whether you get the house.
Straight talk about penalties and terms, not just the headline rate.
Experience with your situation: professional programs, incorporated income, or new-to-Canada buyers.

We're happy to introduce you to brokers we trust.

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Every purchase is different. If you'd like to go over your own numbers and next steps, book a quick discovery call, or call or text me at 416-300-4722.

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