Both routes can be useful. Compare the specific offers, the scope of the search and who is responsible for the next step.
Two ways to shop
A bank can offer its own mortgages directly. A mortgage broker arranges financing with lenders. Some products are offered directly and others through brokers; brokers do not all have access to the same lenders. Ask which lenders are included in the search. FCAC explains the two routes.
Neither route guarantees the lowest rate, the broadest search or an approval. Judge the offers and the service you actually receive rather than treating the distribution channel as the answer.
Clarify the scope and the payment
Ask a broker who pays them and whether you will owe a fee. In Ontario, FSRA explains that brokerages commonly receive lender commissions, may charge additional borrower fees, and must disclose relevant relationships. Ask whether the brokerage represents you, the lender or both. FSRA on working with a mortgage professional.
Write down the services included in any fee and when it becomes payable. For a direct bank offer, ask the same practical question: what will this person handle, and what remains your responsibility?
Send one consistent set of requirements
Prepare the requested mortgage amount, purpose, closing date, preferred term and amortization before seeking quotes. Explain any planned move, lump-sum repayment or debt payout. Keep a dated copy so you can identify when a comparison has changed.
Ask each provider to show the payment, charges, expected balance at term-end and the conditions still outstanding. If one offer depends on moving another account, note that requirement beside it. Do not let the headline interest rate become the only figure you retain.
Compare flexibility with a real plan
Suppose you expect a substantial payment from selling an investment in 18 months. Ask both providers to illustrate making that lump-sum payment under their proposed mortgage. A product’s prepayment terms can matter to that plan. FCAC mortgage-feature guide.
Request a dollar illustration using the same assumed payment date and amount. It will not predict every future charge, but it gives you a common question to test. Record the assumptions and ask what could change the result.
Coordinate the application process
Decide who will submit an application and when. Tell that person if you are also seeking another offer, and ask how credit checks and document requests will be handled. Keep a record of what you authorised.
Use one folder for current documents and one checklist for outstanding items. Set a reasonable response deadline for important questions. When a quote changes, request an updated written version so an older email does not become the basis for your final decision.
Choose an offer you can explain
Before accepting, try describing the choice in three sentences: why it fits your payment plan, what it costs over your comparison period, and which restrictions matter if your plans change. If an important detail remains unclear, get an answer before proceeding.
The calculator can help you compare the numerical assumptions. It does not replace the lender’s decision or the written terms. A useful broker or bank contact should be able to explain where their confirmed figures differ from your estimate.
Put the figures into a scenario
Use the appropriate assumptions, compare the results and save a summary for your file.
Open the Residential Calculator →Sources and review
References checked September 22, 2026. Examples are illustrative; confirm the lender, insurer and program requirements for your situation.