Banks are convenient but rarely offer best rates. Brokers access 30+ lenders free. Here's when to use each.
A bank can only offer you their own mortgage products. A mortgage broker works with 30+ lenders — banks, credit unions, trust companies, and alternative lenders — to find you the best rate for your profile.
Always get at least one mortgage broker quote alongside your bank's offer. It takes 30 minutes and could save you thousands. If your bank wants to keep your business, they'll often match a competing offer.
For self-employed borrowers, those with less than perfect credit, or anyone with a complex financial situation — a mortgage broker is almost always the better choice.
A mortgage broker shops your application across 30+ lenders on your behalf, compensated by the lender — not you. They access monolines like First National and MCAP that often offer rates 0.10–0.30% below the big banks.
Get quotes from both a broker AND your bank, then use them against each other. Many borrowers secure rates 0.15–0.30% below either party's initial offer by creating competition. Savings on a $500,000 mortgage at 0.25% better over 5 years: approximately $6,250.
In Manitoba, Assiniboine Credit Union and Steinbach Credit Union consistently offer rates 0.20–0.40% below major banks. They are member-owned — profit goes back to members, which shows up in better rates. Limitation: provincially regulated, so only accessible to provincial residents.
Amrinder is a Winnipeg-based engineer and MBA who built canadamortgagerates.net to give Canadian homebuyers a single, unbiased platform covering every aspect of the home buying process — from mortgage rates and calculators to first-time buyer programs and professional connections.