Why Canadians Are Choosing Mortgage Brokers Over Banks

Main Reasons Canadians Prefer Mortgage Brokers

From the data and surveys, the following reasons come up most often:

1. More options / access to multiple lenders
   Brokers can shop among many lenders (banks, credit unions, private lenders, alternative/non‑bank lenders), which gives borrowers more choices. Many borrowers find banks’ offerings too limited. (Mortgage Professional America)
   
2. Competitive rates & better deals
   Because brokers have relationships with various lenders and can negotiate, consumers often report getting better interest rates than they’d find going directly through one bank. (Mortgage Professional America)
   
3. Personalized / flexible underwriting
   This is especially important for: self‑employed people, those with non‑standard income, people with imperfect credit, or unique property types. Brokers are more able to structure deals that banks might reject. (Lendworth Canada)
   
4. Service & advice, especially under complex or changing conditions
   With rising rates, more borrowers feel anxious about renewals, refinancing, or navigating qualification rules. Brokers are seen as helpful guides through those challenges. (Mortgage Professional America)
   
5. Higher comfort & confidence
   Surveys show clients who use brokers feel more confident in their mortgage decisions, and many say they would repeat using a broker. (Mortgage Rates Canada)
   
6. Need for transparency & comparison
   Because borrowers want to shop around, compare offers, understand fees & terms, brokers are seen as providing that broader view versus banks which only offer their own products. (Mortgage Professional America)