Yes, you should compare mortgage rates. Whether you are working with a big bank mortgage specialist or a mortgage broker, we think it is prudent to have someone working on your behalf, not only to get the best rate but also the best terms. Rates are important but a great mortgage broker will customize a mortgage to suit your needs and consider other costs that might arise and ways to consolidate existing debt, if you have any. They’ll consider the term of the mortgage, prepayment privileges, the penalties if you break a mortgage (for people who might be looking to sell in the near future) and other variables I’m not covering here. Just like shopping for a great realtor, you should do your due diligence before you start working with someone when getting a new mortgage.