Getting the best rate and terms
The role of the traditional banker has changed. Mortgage and loan offers at the bank are less knowledgable than they used to be, as these days there is more emphasis on selling the bank products. The bank's mortgage officers are also limited by having only their range of products to offer,and there may be a better product out there for you than what they are able to offer.

Banks are in the business of loaning money, whereas mortgage brokers are in the business of shopping around to ensure you get the best rate and terms possible. Banks will not necessarily offer you their best rate unless you negotiate with them. Banks do provide their best rates to mortgage brokers because they know they are always in competition with other financial institutions and the mortgage brokers make up a large piece of the bank's business. Its the financial institution with the best rate and terms that wins your business through the mortgage brokers!

The best fit
It is also the responsibility of the mortgage broker to advise you on the best fit for you and to analyze the terms of the mortgage on your behalf. It's their job to point both the advantages and the pitfalls of certain mortgages (such as how interest is compounded in a few of the variable mortgages or how mortgage penalties are structured).

No cost to you
The financial institutions pay the mortgage brokers for the business that is brought to them, so the service doesn't cost you anything! The exception to this is if your situation requires funding from private lenders.