Should I use a mortgage broker or go to my own bank?
Do both and compare. A broker shops many lenders and is normally paid by the lender on A deals, so it usually costs you nothing; your bank may discount to keep your other business.
A broker's value is access and triage. They submit to many lenders including monolines you cannot walk into, and they know which lender tolerates your particular situation, which matters if you are self-employed, newly arrived, or have any complexity at all. On A business the lender pays them.
Your own bank knows your history and sometimes prices to keep the relationship. They can only offer their own products, and a branch adviser's first quote is rarely their best.
Mortgage brokers in Ontario are licensed and regulated, so you can verify a licence before you hand over documents. Get quotes from both, and compare on total cost over the term including the penalty formula and prepayment privileges, not on the headline rate.
Answer it with your own numbers
You will need: mortgage amount, amortization, each rate and fee.
Compare offers on total costNext questions
What is a B lender and what does it cost me?
A lender that takes borrowers the banks decline, at a higher rate plus a lender fee of roughly one percent of the loan. It is a two or three year bridge back to A pricing, not a destination.
Canada-wide
What is the difference between pre-qualified and pre-approved?
A pre-qualification is an estimate from information you provided verbally. A pre-approval is an underwritten review of your documents that holds a rate. Neither is a commitment to fund the house you eventually buy.
Canada-wide