Mortgage broker vs. bank in Coquitlam — which one is right for you.

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