When people first approach a mortgage broker, the same question always comes up: how is this different from just walking into my own bank? The short answer has two parts — the breadth of lenders compared and the detailed knowledge of which programs are actually available.
This guide walks through what brokerage puts on the table that your bank alone cannot — without quoting a specific rate or promising anything, two things no website can honestly do.
Your bank shows you its products. A broker compares the market.
Your current bank will show you its own mortgage products. That's normal — it's their job. But those products are only a subset of what exists across the Quebec market.
An AMF-licensed mortgage broker typically works with:
- The big banks (RBC, BMO, TD, National Bank, Scotia, CIBC).
- The credit unions (Desjardins and its regional components, Meridian).
- Monoline lenders that specialize in mortgages (First National, MCAP, CMLS, RFA, Strive).
- Alternative lenders (B lenders) for atypical files.
- A handful of private lenders for special cases (bridge financing, temporary restructuring).
For a given file, that easily represents 20 to 40 options compared in parallel — versus 1 (your bank) or 2-3 if you have time to shop them individually.
Monolines: the least-known segment for Quebec borrowers
Monoline lenders are financial institutions that do only mortgages. They don't sell chequing accounts, credit cards, investments, or insurance. Their one product: the mortgage.
The structural consequence: leaner infrastructure, lower distribution costs, and they deal almost exclusively through AMF-licensed brokers. You can't knock on their door directly — they have no branches open to the public. Without an AMF broker, you simply don't have access.
What monolines actually offer:
For a standard file (salaried, good credit, 20%+ down payment), a monoline often offers a competitive rate comparable to — or slightly below — the best offers from the big banks. The reason: they don't fund a branch network.
For an alternative file — self-employed with T2125 income, newcomer to Canada, refinance at a higher loan-to-value — some monolines run specialized programs that big banks refuse outright or price significantly higher.
What comparison changes for you, concretely
For your specific file, going through an AMF broker means:
1. Comparing several lenders with a single application. You don't rebuild the file for every lender — a credit file is built once and submitted to several lenders.
2. Reaching lenders without branches. Monolines and some alternative lenders are only available through a broker. That's an entire market segment you miss if you only visit your bank.
3. Knowing the opportunity cost of staying with your current lender. If the gap between the renewal offer and market options is 0.05%, stay — transfer fees won't pay back. If it's 0.30%, the math flips completely.
4. Getting detailed knowledge of specialized programs. HBP, FHSA, newcomer programs, owner-occupied duplex programs, multi-unit financing — each program has lender-specific policies a broker knows in detail.
How mortgage brokers get paid
To understand the model, you need to understand how an AMF broker is compensated.
For the majority of standard residential files: the commission is paid by the lender, not by you. In practice, that means zero direct fees for you in most cases. The lender that receives your file pays a commission to the broker for the qualification work.
Exceptions: some alternative files — B lender, private lender, complex refinance — may involve broker fees billed directly to the client. In those cases the arrangement must be disclosed transparently in the broker mandate signed before any file is submitted. That's an AMF obligation, not a courtesy.
This compensation structure sometimes creates confusion: "If it's free for me, is there a conflict of interest?" An AMF broker has a fiduciary duty to the client, not to the lender. If a lender pays a higher commission but offers a worse rate for you, the broker must present the better option — and can disclose the commissions on request.
What you don't see when you negotiate directly with your bank
Here's what your bank won't spontaneously tell you at renewal:
- The gap between its posted rate and its best negotiated rate — often 0.3 to 0.5%. Your bank knows this and starts negotiating from the posted rate.
- What competitors are offering that day — it has no real-time view of that, and no incentive to look.
- That its IRD penalty formula is more or less favourable than others — a detail that matters if you ever need to exit before maturity.
- That some monolines offer more generous prepayment privileges (20% vs 10%) at an equivalent rate.
A broker sees all of that. Knowing the differences between 30+ lenders is their job, not yours.
Questions to ask the broker
Before committing your file to an AMF-licensed mortgage broker:
- How many lenders do you work with? Which ones? (Typical answer: 20-40+. Hesitation is a signal.)
- Are you paid by the lender or by me? (For most residential files: by the lender.)
- Which monolines are relevant for my profile?
- What stands out about my file — what will play for or against me?
- How many real options will you compare for my specific case?
A good broker answers these directly, no hedging. If the answers are vague, keep looking.
What Courteo does
Courteo is not a mortgage broker — we're a platform that connects you with an AMF-licensed broker from the Courteo network. The broker works with their own roster of lenders, and it's the broker who presents the rates and programs available for your specific file.
Courteo does not display rates and does not provide mortgage advice. The contractual relationship is between you and the broker — Courteo facilitates the introduction.
Frequently asked questions
Does a broker really have access to every lender on the market?
No — each broker has their own set of accreditations. A broker may not be accredited with every institution. That's a good reason to ask explicitly which lenders they work with. Most active AMF-licensed brokers in Quebec work with 20 to 40 lenders.
Can a broker find me a lower rate than what my bank offers me directly?
In most cases, yes — because the broker reaches lenders you can't reach directly, and because lenders offer brokers "wholesale" pricing in exchange for the volume of business. But it depends on your file and the timing — it's not automatic.
Does going through a broker slow down the process?
No — usually the opposite. A broker who receives a complete file submits it the same day, in parallel, to several lenders. Responses come back in 24-72 hours. Comparing 30 lenders on your own would take weeks.
What if I want a specific bank the broker doesn't work with?
You can always approach that bank directly in parallel (a broker mandate does not forbid it — see our guide on broker mandates). But if the broker doesn't have that bank in their network, they can't submit your file there on your behalf.