HOME BUYERS' GUIDE: Mortgage Broker vs. Bank: Which Is Better for Nova Scotia Homebuyers?

Mortgage Broker vs. Bank: Which Is Better for Nova Scotia Homebuyers?

When it comes to getting a mortgage, most people start by calling their bank — but working with a mortgage broker can often be a smarter move. While both can help you secure financing, the way they operate — and the advantages they offer — are very different.

Banks only offer their own mortgage products. That means you’re limited to the rates, terms, and lending criteria of a single institution. If your situation doesn’t fit their box — maybe your income is structured differently, you’re self-employed, or you’re buying an unconventional property — your options can be limited.

Mortgage brokers, on the other hand, work for you, not the bank. They have access to a wide range of lenders — including major banks, credit unions, and alternative lenders — which allows them to find the best fit for your goals and circumstances.

Here are a few key advantages of working with a mortgage broker:

More Choice: Access to multiple lenders and mortgage options, not just one.

Better Rates: Brokers often secure lower rates thanks to their volume-based relationships with lenders.

Personalized Solutions: Whether you’re a first-time buyer, self-employed, or refinancing, brokers tailor solutions to your unique situation.

Guidance and Support: Brokers handle the paperwork, negotiations, and lender communication from start to finish — saving you time and stress.

Share Your Story Only Once: You tell your financial story once, and your broker does the rest with multiple lenders, so you don’t have to repeat yourself over and over.

Long-Term Partnership: A broker isn’t just there for your first mortgage — they can help with renewals, refinancing, and future property purchases.

No Cost to You: In most cases, brokers are paid by the lender, not the client.

Bottom line — a bank can offer you a mortgage. A broker can help you find the right mortgage.

If you’re planning to buy, renew, or refinance, reach out today. I’ll walk you through your options, compare lenders, and help you find the mortgage that truly fits you.