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bluejays · 01-07-2017, 01:16 PM

I'm currently in the market for a condo as a first time home buyer (albeit in Toronto), and have heard some good things about mortgage brokers (rates), while also hearing some bad things (ie: not doing their due diligence beforehand, no after sales support, high fees, etc). Having said this, I came across a website, www.ratespy.com and wonder what the purpose of a mortgage broker is if the best rates are available online with smaller institutions? Some background on what I'm looking for: 25 year amortization and 2 or 3 year term (probably fixed). Beyond that I may keep the condo or sell if my life situation changes (ie: marriage and need of a larger place). With this though, I've also heard that some brokers charge fees from the customer, rather than compensation from the FI, and if you go with a smaller institution, there may be large discharge fees the broker may not tell you about.

So my question is, is it better to shop around yourself, or go for a broker? In addition, larger institution, or smaller one? What are the advantages here for my situation?

01-07-2017, 01:16 PM	#1
bluejays Franchise Player Join Date: Sep 2005 Location: Toronto, Ontario Exp:	Mortgage Broker or Shop? I'm currently in the market for a condo as a first time home buyer (albeit in Toronto), and have heard some good things about mortgage brokers (rates), while also hearing some bad things (ie: not doing their due diligence beforehand, no after sales support, high fees, etc). Having said this, I came across a website, www.ratespy.com and wonder what the purpose of a mortgage broker is if the best rates are available online with smaller institutions? Some background on what I'm looking for: 25 year amortization and 2 or 3 year term (probably fixed). Beyond that I may keep the condo or sell if my life situation changes (ie: marriage and need of a larger place). With this though, I've also heard that some brokers charge fees from the customer, rather than compensation from the FI, and if you go with a smaller institution, there may be large discharge fees the broker may not tell you about. So my question is, is it better to shop around yourself, or go for a broker? In addition, larger institution, or smaller one? What are the advantages here for my situation?