But is this trust deserved? Certainly, every banker I have met is trustworthy. However, they do work for the Bank, not for you. And that is not a good thing for you when you are shopping for a mortgage. The Bank or Credit Union officers can only offer their own mortgage products, and at their own rates. If you are a great negotiator, you “might” get their best mortgage. If not, you could be leaving hard earned dollars on the table. And, their best mortgage might not be as good as the best mortgage offered by another lender.
A mortgage broker does not work for any one Bank or Credit Union or Trust Company. A mortgage broker has access to virtually ALL the best mortgages being offered by ALL the best Canadian mortgage lenders- including the Banks and Credit Unions. So you are guaranteed that you will get the best mortgage when you deal with a mortgage broker.
It is all about trust. Who are you going to trust? Your banker, that works for the Bank’s best interest? Or your mortgage broker, who works for your best interest?