Should you always use a mortgage broker rather than going direct to a bank?

Question

Rich Dad · Accepted Answer

If you’re only talking to one bank, you’re basically proposing marriage on the first date.
A mortgage broker is a deal scout — they shop multiple lenders, negotiate on your behalf, and often access wholesale rates you won’t see walking into a single bank branch. That’s leverage. And leverage is how you win in property. The right broker can structure your loan strategically — split loans, offset accounts, interest-only for investment properties — so your money stays liquid and working for you.
But here’s the power move: don’t blindly trust anyone. A lazy broker is just a middleman collecting commission. Interview them like you’re hiring a CFO. Ask how they get paid, what lenders they compare, and how they structure loans for investors vs homeowners. Use brokers for choice and strategy. Go direct only if you already know the exact product you want and you’re negotiating hard.
Banks sell products. Brokers sell options. Wealth is built on options.

Poor Dad · Answer

Sometimes the safest road is the one with fewer moving parts.
Going directly to your bank can feel simpler and more secure. You already have a relationship with them. You can walk into a branch, sit down with someone face-to-face, and there’s a sense of stability there. A broker may offer more choices, yes, but more complexity also means more room for misunderstanding. Be careful — not all brokers are equally diligent.
If you have strong credit, stable income, and a straightforward situation, your existing bank may offer competitive rates, especially if you negotiate and mention competitor offers. Just don’t assume either side automatically gives you the best deal. Compare carefully, read the fine print, and think about long-term affordability — especially if interest rates rise.
Security isn’t exciting, but it lets you sleep at night.

Should you always use a mortgage broker rather than going direct to a bank?

Rich Dad Says

Poor Dad Says

Whose advice would you follow?

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