Your bank already knows your accounts, and that’s handy. A broker can compare several lenders’ policies, which is useful too. A slogan rarely settles it. The file you’re about to submit does.
When the bank can win
A standard file, a strong relationship with your bank, a competitive written offer: staying can make sense. Fewer transfer documents, everything in one place. Convenience is worth something when the rate, penalty and conditions are fair.
Still compare. A bank sells its own products. It won’t always show you what another lender might accept for self-employed income, a plex, a tight refinance or a renewal that needs negotiating.
When the broker matters more
A broker matters most when the file has exceptions: variable income, bruised credit, a family gift for the down payment, a rental property, a private mortgage to replace, a renewal deadline, a short closing. There, lender policy counts as much as the rate.
File checkpoints
| Area | Question | Useful proof |
|---|---|---|
| Budget | Does the payment remain affordable after closing? | Payment, taxes and insurance. |
| Timeline | Is the deadline realistic? | Offer, condition and notary dates. |
| Risk | What could slow approval? | Credit, income and property notes. |
The best offer isn’t always the lowest rate. It’s the one your file can carry without a late surprise.
Put offers on the same line
Line them up: payment, penalty, prepayment privileges, portability, fees, insurance, amortization, remaining conditions. A tiny rate gap can vanish if the contract is less flexible, or if the penalty hits at the wrong time.
Where the file usually needs attention
These bars show which items deserve attention first; they are not a credit score or approval promise.
Clean documents reduce back-and-forth.
A realistic condition protects the offer.
Policy fit often matters as much as price.
- ✓Rate and payment
- ✓Penalty if you sell or refinance
- ✓Transfer or file fees
- ✓Processing timeline
- ✓Income-policy fit
- ✓Conditions before signing