Should I use a mortgage broker or go direct to my bank?
Quick Answer
Short answer: Brokers access 30+ lenders and often find better rates; banks offer relationship perks.
Detailed Explanation
Mortgage brokers shop your file to multiple lenders, potentially saving 0.15–0.30% versus bank posted rates. They're especially valuable for self-employed borrowers or complex situations.
Your existing bank may counter-offer with package deals (reduced fees, credit line access) that brokers can't match.
- Brokers typically cost you nothing (lender-paid)
- Banks may expedite if you have deposit/investment history
- Get quotes from both before deciding
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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