More lender access creates more possible solutions, but good brokerage is selective. Ask why the recommended lender fits, what trade-offs it carries and which alternatives were considered.
Different lenders solve different files
Major banks, credit unions and mortgage lenders can serve different borrower types and properties. A lender strong for a salaried first-time buyer may not be the best fit for self-employed income, a newcomer, a rental or an unusual property.
Some regulated lenders distribute mortgages mainly through brokers and do not operate a consumer branch network.
Compare more than rate
- Prepayment privileges and payment-increase options.
- Penalty method and discharge restrictions.
- Portability for a future Saskatoon move.
- Standard versus collateral charge.
- Income, credit and property policy.
- Document requirements and turnaround time.
Questions worth asking
Ask why the lender was chosen, how penalties work, whether the mortgage can be ported and what changes could affect approval. Understand any restrictions on refinancing or switching later.
Many standard residential transactions are lender-paid, while fees can apply in some circumstances. Any borrower-paid fee should be disclosed and explained before commitment.
Frequently asked questions
Will my application go to every lender?
No. A broker should shortlist suitable options and submit strategically.
Are broker-only lenders regulated?
Many regulated mortgage lenders distribute primarily through the broker channel.
Does a broker always charge a fee?
Many standard transactions are lender-paid, but fees may apply in some situations and should be disclosed.