One key difference between a bank and a mortgage broker is that a bank stictly offers its own mortgage products, services and pricing. At the bank, the person you arrange your mortgage with is a bank employee that is paid to ensure that the product and services they offer you are in the best interests of the bank.

A mortgage broker on the other hand, works with dozens of lenders and has access to a suite of products and programs for their clients. This allows a broker to effectively provide a financing product that is best suited to each client as opposed to them having to accept a one size fits all mortgage.

The pricing that the broker can offer is generally based on the volume of mortgages they send a lender over the course of the year. Whereas, when a borrower gets a mortgage directly from the bank, the pricing they are offerred reflects only their mortgage.