Cost to Work with a Mortgage Broker

Cost to Work with a Mortgage Broker

When someone qualifies for a "Traditional Bank Mortgage" and works with a Mortgage Broker, there are no fees, which often surprises people. The mortgage brokerage is compensated by the lending institution that funds the mortgage.

The only time you may see fees for setting up a mortgage is when you cannot qualify for a standard mortgage, and additional work is needed. In these situations, brokers have access to both "B Tier" and Private lenders (C Tier), who offer more flexible lending guidelines in exchange for a higher cost of borrowing. It gives us the ability to source options and solutions when they are needed.

If there are fees involved, they are disclosed upfront and subject to your approval. Fees are only due on the closing day of your mortgage. So if there is no mortgage funded, there are no fees charged.

Our Role/Process

• Have an initial conversation to discuss your needs/discuss options/answer questions
• Take your application
• Collect the required supporting documents
• Outline your options for you (lenders, terms and rates)
• Prepare a submission package (for a lender)
• Secure the financing
• Finalize the mortgage paperwork with you and your lender
• Be there to assist you post-closing

Our value proposition is the level of service offered, in conjunction with a vast array of lending options