In the past most people would jump in their vehicle and head on down to the bank for all their banking needs, including mortgages. Yup, down to the same bank that their parents used and possibly even their grandparents. The problem is that these banks can only offer you their own rates and products. Now I'm not saying that because they don't have a variety of lenders to choose from that they are not competitive, they are. They have to be in order to survive in the business.
They will usually negotiate so never pay their posted rated. Keep in mind that the negotiations will need to be done by you because they are an employee of the bank and are looking out for the banks best interest. So even though you might have a great relationship with your bank and they end up giving you the best possible rate they can, it's quite possible that there are better rates from a lender that's in another city or even province.
Mortgage brokers on the other hand shop around and negotiate with multiple banks to see which banks can give you the best rate. They are well versed in the mortgage market place and know which lenders will work best for different scenarios, this could be useful for someone with a poor credit rating, has had a career change, or maybe doesn't quite have all the down payment that they need.
I have even heard that some of them can advise someone with a bad credit rating which credit cards to use and which ones to leave alone during the approval process. All of these things make a huge difference in not only the approval process but the amount of interest rate, fees, and terms.
Many time you will be dealing with a mortgage broker over the phone or through email because they don’t need to keep the brick and mortar buildings like banks do. Also you might be able work with mortgage brokers on weekends and after business hours, something that used to be unheard of by the banks but they are slowly getting in tune with this because this is one of the things that their clients are looking for.
The best part of all, is that banks and mortgage brokers cost absolutely nothing. Their services are paid by the lending institutes, not you! there is a big misconception, especially about mortgage brokers, that the client has to pay for this service, when really they don't pay a dime.
In the end do a little research to find out who will fit your needs the best, here are a couple different lending options to get you started:
Lloydminster Banks - RBC Royal Bank