What a bank can offer

Your bank already knows your day-to-day banking relationship, and keeping accounts together can feel convenient. A bank may offer a competitive promotion or package. The limitation is that the representative compares products available through that institution, not the wider market.

What a mortgage broker can offer

A broker can approach different lender types and help structure an application before it is submitted. That can be useful for a straightforward purchase and especially helpful when income, property type, credit history or business ownership needs more explanation. Lender access varies by broker, so ask which options were considered.

“Best rate” needs context

In 2026, rate advertisements still do not tell the whole story. A restrictive mortgage with a low rate may cost more if you need to break it, refinance it or access equity. Compare the annual rate alongside prepayment privileges, penalty language, portability, fees, HELOC availability and service.

How to make the choice

Ask both the bank and broker to explain the recommendation in writing. Use the same loan amount, amortization and payment frequency so the comparison is fair. Then consider how likely your income, family plans, property or borrowing needs are to change during the term.

Murali Raveendran works with borrowers in Pickering, Durham Region and across Ontario to compare mortgage and financing options around the client’s real plan. The goal is not to claim every broker beats every bank; it is to make the trade-offs visible before you sign.

See how the payment changes with different planning rates, then book a time to review the full picture.
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See how the payment changes with different planning rates, then book a time to review the full picture.Try the payment calculator