Mortgage Myth #1: “Brokers Are Only for People Who Can’t Get a Bank Mortgage”
Leanne Mollica, Mortgage Broker and Founder of My Mortgage Strategy — proudly serving Salmon Arm, the Shuswap and all of BC
For years, a common misconception has lingered in the mortgage world: that brokers are only for people who can’t qualify with a bank. While that may have been true decades ago, today’s lending landscape has evolved significantly. Working with a mortgage broker is no longer a backup plan — it’s a strategic advantage.
This article is part of my Mortgage Myths Series, where I break down outdated ideas and highlight the real value of a modern mortgage strategy.
The Outdated Perception of Brokers
There was a time when brokers primarily served clients with bruised credit or unconventional income. Banks positioned themselves as the “default” option, while brokers became known for handling the more complex files.
But the industry has shifted dramatically.
Today, mortgage brokers work with the same A-lenders, big banks, and credit unions that borrowers visit at their local branch, plus monoline lenders and specialized institutions most consumers have never heard of. This expanded access means more choice, more flexibility, and often better overall value.
What Canadians Are Choosing Today
According to Mortgage Professionals Canada, the use of mortgage brokers continues to grow. One-third of Canadians now secure their mortgage through a broker, and 81% return to the same broker for their next mortgage. That level of loyalty speaks volumes.
Borrowers are discovering the benefits of having an expert who can compare options across multiple lenders — rather than relying on a single institution.
What a Broker Actually Does
A broker’s role goes far beyond simply finding a rate.
Here’s what a mortgage strategist brings to your mortgage experience:
Shop Multiple Lenders
Instead of being limited to one bank’s products, brokers access a broad range of lenders competing for your business.
Negotiate Based on Your Entire Financial Picture
Every borrower is unique. By understanding your goals, income structure, timeline, and risk tolerance, a broker positions your application for the strongest possible approval.
Present Your File Strategically
How your application is structured matters. A broker ensures your file is optimized for the lender most likely to offer the best combination of rate, terms, and conditions.
This is why brokers aren’t your backup plan. They’re your advantage plan.
Whether you’re a first-time buyer, renewing, refinancing, or planning ahead, working with a mortgage broker ensures you’re not limited to one lender’s offerings. Instead, you gain a strategic partner committed to finding the right solution for your needs — not the bank’s.