The short answer
What each one does for you
A bank reviews your file and presents its own products. A broker collects the same file once, submits it to the lenders that fit your situation and lays the offers side by side, with the total cost and the conditions.
| Bank (your institution) | Mortgage broker | |
|---|---|---|
| Products shown | The institution’s own | Those of 20+ lenders |
| Who pays | You, through the institution’s margin | The lender, at funding, in most files |
| Unusual file (self-employed, newcomer) | Depends on internal policy | Lenders chosen to fit the profile |
| Renewal | Your institution’s offer | Compared with other lenders |
When fees apply
Private financing, commercial loans and specialized structures: fees may be added. You know the amount in writing before any work starts. The details are on the What it costs page.
A fictional example
Frequently asked questions
Does the broker cost me anything?
In most residential files, no. The lender pays the broker at funding. The exceptions are described above.
Does the broker pick the lender that pays the most?
Compensation varies from one lender to another, and I must tell you before you accept an offer. The lender is chosen on your file.
Can I still check with my bank?
Yes. Ask for its offer, then compare it with the broker’s.
Who regulates the broker?
The Autorité des marchés financiers (AMF). Mathieu St-Onge holds certificate 259508.