Should I get a mortgage with a broker or go directly to a bank?

When dealing with a bank you are directly communicating with the bank, while by using mortgage brokers, they will work on your behalf and will verify with multiple lenders the best possible mortgage deals just for you. Since the broker services are paid from the bank, all this work is provided to you for free. Not only you save time and hassle but you save money. The statistics show more and more Canadians use mortgage broker services to get the lowest mortgage rates and the reason why the brokers negotiate best mortgage rates is: Mortgage brokers process lots of mortgages so they get amazing discounts from the lenders because of the volume mortgage applications.

The most recent statistics show that mortgage brokers are popular with young Canadians and first-time home buyers. Below you will find the latest report from The Canadian Association of Accredited Mortgage Professionals (CAAMP)  that represents the share the mortgage brokers take from the mortgage market by location, age and according to the mortgage situation – meaning – first-time home buyers or refinance.

 

Mortgage Rates Statistics

Origin: Annual State of the Residential Mortgage Market in Canada, CAAMP November 2013