Mortgage broker vs. bank—which will save you more money? + MORE Jun 1st

Choosing a mortgage broker or a bank for your home loan will likely influence which mortgage you end up with. On top of that, there are pluses and minuses to both, as we detail in the table below. Before we dive into which may best suit your financial situation, let’s look at the differences between mortgage brokers and banks.

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Mortgage brokers and banks: What’s the difference?

FeaturesMortgage brokersBanksMortgagesCan show you a range of mortgages, but know that not all lenders go through brokersLimited to its own mortgagesCommunicationRepresents your interests during the application process with lendersYou deal with the lender directlyFeesBrokers sometimes charge a client feeNo broker feesApproval processA good broker can look for mortgages based on your income and credit score, so the lender is more likely to approve your mortgageLarge banks can be picky when deciding whether to lend to you

When to get a mortgage from a bank or from a broker

The decision is really up to you…

Investing

The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

By Keph Senett and Justin Dallaire on June 1, 2024Estimated reading time: 22 minutes

Here you’ll find the answers to common GIC questions, along with information on the best GIC rates available right now. If GICs are new to you, and you want to learn everything there is to know, start by reading our guide below.

Frequently asked GIC questions

Which bank has the highest rate for a GIC?
Small financial institutions, such as a credit unions, typically offer more competitive GIC rates than the large banks…