When it comes to getting a mortgage, you have two main options: going through a mortgage broker or directly to a bank. Each option has its own advantages and disadvantages, so it's important to consider your financial situation and preferences before making a decision. A mortgage broker is a kind of matchmaker who connects borrowers to lenders. They don't use their own money to originate mortgages, but instead act as a liaison between you and your lender, gathering the necessary documentation for underwriting and approval.
Brokers can also provide more knowledge of the mortgage landscape than someone who is simply looking for a mortgage. On the other hand, going directly to a bank may be the best option if you're already loyal to a bank or if you want to compare prices on your own. The application process can also be very different from company to company, making it difficult to achieve a consistent experience. When it comes to cost, there can be some confusion.
A broker may charge fees, but your lender could include these fees in the cost of your loan. And there's no guarantee that your bank will be easier to use than any other bank, lender, or broker. Ultimately, whether it's better to work with a mortgage broker or get a mortgage loan directly from a bank depends on your individual circumstances and preferences. It's important to do your research and compare options before making a decision.