Buyer · Mortgages
Coquitlam buyers have two paths to mortgage approval: direct with a bank, or through a mortgage broker who shops multiple lenders. Each has trade-offs. Here's the framework for picking.
Quick Answer
Working With Mortgage Broker Vs Bank Coquitlam — which is the better Tri-Cities choice?
Coquitlam buyers have two paths to mortgage approval: direct with a bank, or through a mortgage broker who shops multiple lenders. Each has trade-offs. Here Craig Johnston, Top 1% Team Member — Greater Vancouver REALTORS® and 47+ year Tri-Cities resident, can walk you through the local context. Free Strategy Call ends with a written one-page plan in 24 hours.
Verified · Buyer · Mortgages
Bank — Pros
Existing relationship, possible loyalty pricing, single point of contact for accounts + mortgage, faster processing if existing customer
Bank — Cons
Only their products; rates may not be the best available; declined applications must restart elsewhere
Broker — Pros
Shops 20+ lenders for best rate and product fit; access to alternative lenders for non-traditional buyers (self-employed, recent immigrants, contract workers); single application reaches multiple lenders
Broker — Cons
No existing relationship; some brokers more responsive than others; commission paid by lender (not buyer) but creates potential conflict in product selection
Cost
Broker services typically free to the buyer — broker is paid commission by the lender. Some specialty brokers charge fees for non-traditional applications.
Best for first-time buyers
Often a broker — broker can position your application across multiple lenders and find the best stress-test outcome
Best for standard buyers with existing banking relationship
Often the bank, especially if it offers a meaningful loyalty rate
Best for non-traditional buyers
Almost always a broker — banks have rigid criteria; brokers know which lenders accept which scenarios
No pressure. No obligation. Just a 30-minute call to talk through your specific situation and run the numbers.
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