Mortgage Broker vs Bank: Is a Broker Worth It in New Brunswick?

A mortgage broker is usually worth it, and for most New Brunswick borrowers it costs nothing. Brokers are paid by the lender, so you apply once and get access to many lenders and their rates, instead of shopping bank by bank. A bank can only offer its own products. A broker compares many lenders and negotiates on your behalf.

Do brokers cost the borrower anything?

For most residential mortgages, no. The lender pays the broker a commission when your mortgage funds, so the service is free to you. The rare exceptions are certain complex or private lending files, and your broker tells you upfront if a fee ever applies.

How is a broker different from your bank?

A bank offers only its own mortgages. A broker works with many lenders at once, including banks, credit unions and monoline lenders you cannot simply walk into. That wider access is how brokers often find a lower rate or a better fit for your situation.

When does dealing directly with a bank make sense?

If you have a strong existing relationship and your bank offers a genuinely competitive rate, staying put can be simple. It is still worth having a broker compare, since even a small rate difference adds up over a full term.

How a broker helps New Brunswick buyers

We know the local market across the province, from Moncton and Dieppe to Saint John, Fredericton and the North Shore, and we work in both French and English. With 25 years of experience, we handle the lender search, the paperwork and the follow up so you do not have to.

Frequently asked questions

Is a mortgage broker free?

For most residential mortgages, yes. The lender pays the broker, so there is no cost to you.

Can a broker get me a better rate than my bank?

Often, yes, because a broker compares many lenders at once rather than one.

Do I still deal with a bank if I use a broker?

Your mortgage may still be held by a bank or another lender. The broker arranges it and manages the process for you.

 

Talk to Dean Brideau at Hypothèque Metro Mortgage, serving all of New Brunswick. Call 1.506.388.4990 or toll free 1.866.977.4990, or visit metrofinance.ca. Advice in French or English, at no cost to you.