Shopping for a mortgage in Ontario? You’ll face a big decision right away: Should you choose a bank or work with a mortgage broker?
If you want fast approval or any approval at all your choice matters more than ever. In this post, we explain the differences between the two, focusing on speed, flexibility, and your chances of getting approved.
What a Bank Offers
- They offer only their own in-house mortgage products.
- They enforce strict credit, income, and employment rules.
- They allow little room for exceptions.
- They often take longer to process applications, typically 7–14 days or more.
Banks work best for:
- Salaried employees with excellent credit
- Buyers with large down payments and low debt
- Straightforward home purchases
What a Mortgage Broker Offers
- Access to dozens of lenders, banks, credit unions, alternative lenders, and private lenders
- Approvals in as little as 24–48 hours
- Flexible options for bad credit, self-employment, or high debt
- Personalized guidance and ongoing support
- No cost to you, the lender pays the broker, so you get expert help for free
Who Gets You Approved Faster?
If you’re racing toward a quick closing date or facing a legal deadline like a notice of sale, brokers almost always win. Here’s why:
- They aren’t bound by one lender’s rigid internal policies
- They match your file to the right lender in real time
- They know exactly which lenders are funding quickly this week
When Banks Say No, Brokers Say Let’s See
Common reasons banks deny:
-
- Credit score under 680
- Past bankruptcy or consumer proposal
- Irregular or self-employed income
- High loan-to-value or debt ratio
- A unique property or rural location
- Credit score under 680
Brokers see these cases every day and solve them using lenders that specialize in those scenarios.
Real Story: Same File, Different Result
Jenny in Hamilton applied for a mortgage through her bank, but they denied her because she was newly self-employed. A mortgage broker stepped in and got her approved in just 3 days through an alternative lender, same income, same documents, completely different outcome.
Other Key Differences
Application Process:
- Bank: Requires multiple in-branch visits and long forms
- Broker: Lets you complete a simple digital application, they handle the rest
Response Time:
- Bank: Takes a week or more
- Broker: Approves as quickly as 24–48 hours
Advocacy:
- Bank: Reps serve the bank’s interests
- Broker: Works for you
If your mortgage file is clean and simple, a bank might work. But if you need speed, flexibility, or someone to fight for your approval, a mortgage broker in Ontario is your best bet especially in today’s competitive market.
Need fast mortgage approval in Ontario?
Let Burke Financial find the right lender for you, fast.
📞 1-866-702-9394
🌐 www.burkefinancial.ca
