Mortgage Broker vs Banks?

An interesting article from the Toronto Star this past week talking about the benefits of working with a Mortgage broker or a bank.

https://www.thestar.com/life/advice/2018/07/31/mortgage-brokers-vs-banks-the-pros-and-cons.html

As a mortgage brokerage we are a bit biased in that our service is a good one and many of our clients in Winnipeg feel the same way.

We are constantly asked what is better fixed or variable and our answer is that everyones situation is different.  While one family may like the peace of mind a fixed rate offers another may find the premium paid for that security too much and opt for the lower variable rate instead.  And they both made the right answer because it was one that was best for their own situation.

The same applies for the Broker vs Bank debate.  If you are happy with the service you are getting from your bank or Credit Union and are confident their rate/product is competitive and fits your needs then you are likely making a choice that works for you.  If you would like a variety of options and rate, whether its to ensure you have a good offer from your current lender or you are looking to have a mortgage somewhere else a broker can help.  If unbiased opinions from someone who is not an employee of the lender then a broker would be a good fit. With either decision you make it comes down to what who are most comfortable with and what option works best for you.  And if you keep that in mind when you are deciding on a provider for your next mortgage you should be fine!