Mortgage Broker vs. Bank: What's the Difference?

When you go to a bank, you get that bank's products and that bank's rules. When you work with a broker, you get access to a range of lenders.

The short answer: A bank offers its own mortgages. A broker can compare options from the lenders in their network, including alternative and private lenders you can't walk into on your own. No broker has every lender, so ask which ones were considered for you.

Fees and how brokers are paid

On most standard mortgages, the lender pays the broker, so there's no cost to you. On some files, like private lending or more complex deals, there may be a broker fee. Ask up front who pays, how much, and when it's due. A good broker will tell you before you sign anything.

Check the license

Mortgage brokers are licensed by province. In BC, check the BC Financial Services Authority. In Alberta, check RECA. Make sure the person and the brokerage can serve where you live.

Elevate Lending, powered by BRX, is licensed in both BC and Alberta.

Judge the advice, not the label

Good advice explains the trade-offs: the costs, the restrictions and why one option fits you better than another. Ask:

Which products did you compare?
Why does this one fit my plans?
What happens if I move or pay it off early?
Who's handling my file?

Keep your documents secure

Send your documents through a secure upload, not plain email, and know who you're sending them to.

Related guides

Let's talk it through

Book a call and we'll go over your options with you.

Alberta: 587-900-0036 | BC: 604-200-3228

These guides are general information, not a mortgage offer or personal advice. Every approval depends on lender review of your income, credit, property and documents. Elevate Lending, powered by BRX, serves clients in Alberta and British Columbia.

​Mortgage Broker vs. Bank: What's the Difference?

Mortgage Broker vs. Bank: What's the Difference?