Should I use a mortgage broker or go straight to the bank?

Short answer: Broker shops multiple banks, usually free. Direct bank is simpler but limited to their products.

What this actually means in plain English

A mortgage broker shops multiple banks for you. They know which banks lend to people like you. They are usually free (paid by the bank). Going direct to your bank is simpler but you only get their products. If your situation is unusual, a broker saves time and money.

Key Facts

Brokers access multiple lenders
Brokers usually paid by lender, not you
Direct bank: familiar, simple, one relationship
Brokers help with complex situations
You can use both: get broker options, then ask your bank to match

Example

Broker Options: 4 banks, 6 products

Direct Bank: 1 bank, 3 products

Broker Fee: $0 (lender pays)

Time Saved: 2-3 weeks of research

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