Is getting mortgage through mortgage broker better than bank ?
I am a first home buyer and have a few questions.
#1. Would it be beneficial to get mortgage from mortgage broker than main bank (TD, RBC, BMO and etc) ?
I found the rate is usually much lower with the broker's.
#2. I know the mortgage brokers usually lend money from wholesale / direct / private lender , not from main bank.
Will there be any risk if we get mortgage from wholesale/direct/private lender ? I think there might be more risk than getting from main banks.
#3. In Canada, are there any mortgage broker fees ? Currently I am residing Toronto area. It looks like most of mortgage brokers do not charge for any fees but just want to double check.