If you're buying a home, chances are you'll need a mortgage, but did you know there are big differences between brokers and bank? In the past, prospective home buyers turned exclusively to their banks for their mortgage needs, but you now have more options at your disposal with the growing presence of mortgage brokers. Independent mortgage brokers are licensed mortgage specialists who have access to multiple lenders and mortgage rates. They essentially negotiate the lowest rate for you, and because they acquire high quantities of mortgage products, mortgage brokers can pass volume discounts directly on to you.

Banks:-

Banks allow you to consolidate your services with a provider you have an ongoing relationship with and have deemed trustworthy but Banks can only access and offer you their own rates and products. Banks will regularly give discounts on their posted mortgage rates; however, you are responsible for this negotiation.

Brokers:-

Brokers essentially 'shop' around, negotiate for you, and present the lowest rate on the market and Volume discounts achieved by mortgage brokers are passed directly to you. Brokers are a less familiar avenue, and first-time home buyers would not have pre-existing relationships with them.

Keep it in mind Bank has 60% market share and the other hand Brokers only have 40% market share.

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