Using a Mortgage Broker has multiple benefits.
Mortgage Brokers has access to multiple lenders. For example, Meridian recently came out (September 2019) with a 5 year fixed mortgage for uninsurable mortgages at 2.49% and insurable mortgages at 2.39%. If you went into your bank, they would not offer this rate, they would offer the rate they are "trying to sell" as its the only rate available to them. Conversely, if a monoline lender which is exclusive to the broker channel had a better rate we would find it, just like if a bank or other lender had terms that are most suitable for your needs, including pre-payments, preferential porting, penalty, repayment to name a few, we will find it. Options and choice are extremely important when finding the most suitable mortgage and thats what mortgage brokers can offer better than singular lenders, banks and mortgage specialists.
Outside of access to multiple lenders and better rates, mortgage brokers typically offer more personalized service with more flexible working hours and ability to work around your calendar. Mortgage brokers also have flexible products through the array of lenders they have access to making it easier for more Canadians to get into real estate. Wether you are salaried, commissioned, business for self, first time home buyer, building a home, refinancing or renewing, the options and choice through the mortgage broker channel make it another strong reason to use a mortgage broker.
In short a great mortgage brokerage/broker, like ours, The Westlake Team, DLC National should be able to offer better rates, personalized service, flexibility and products at no cost to you, finding you the right mortgage to suit your needs.