Reality: Although, many borrowers with solid income and good credit will get approved at the bank and look no further, it does not merely indicate that they have received the best approval rates and terms they qualify for. In the case of self-employed individuals, even if they have a solid credit rating, approvals cannot be solely based on that. If they don’t meet banks lending guidelines on income documents requirement, they will be turned down, never mind getting the best approval terms.
As a mortgage broker I have access to Canada’s leading financial institutions, including Banks, Trust Companies, Credit Unions and private lenders. This means I have all the offers from all institutions on the table and depending on your credit status and available income documents, I know what mortgage product from which lender you qualify for. This fact actually corroborates my disputation of the next misconception.