Is It Better To Work With A Bank Or A Mortgage Broker in Toronto?

Most buyers benefit from using a mortgage broker, who offers more lender options, personalized service, and competitive rates than a single bank or lender.

When financing a Toronto home purchase, you generally have two choices: go directly to a bank or work with a mortgage broker. Here’s the breakdown:

Advantages of Working With a Mortgage Broker

• Access to multiple lenders: Brokers shop rates and products across banks, credit unions, and alternative lenders.
• Personalized service: Brokers work for you, not the lender—advocating for your best deal.
• No added cost: Lenders typically pay brokers, so you benefit from their expertise without extra fees.
• Flexibility and responsiveness: Brokers often work evenings and weekends, matching the pace of real estate transactions.
• Expertise in product variety: From fixed to variable to specialty products, brokers help you navigate options.

When Might a Bank Be Better?

• If you have a long-standing relationship with your bank and prefer to keep all accounts in one place.
• If your financial situation is very straightforward and you value simplicity over shopping around.

Fox Marin’s Perspective

While some excellent advisors work within banks, we’ve found most clients benefit more from the range, flexibility, and advocacy a skilled mortgage broker provides. The Fox Marin Team connects buyers with trusted brokers and bank advisors, ensuring you have the complete picture before making a decision.

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