I figured my first post should be an education on how mortgage brokers get paid. Why? Why would you care how I get paid to do what I do? Because many people are STILL under the impression that Mortgage Brokers charge fees. Do I charge fees? Sometimes. When would I need to do that? When someone has bruised or poor credit or is struggling to get approved at a bank and needs extra help. The majority of the time I am paid directly by the lender. Is it a hidden cost? Never. Everything in our business has to be disclosed up front and agreed to by our clients. A fee should never be a surprise to a client.
I will say this, some Mortgage Brokers charge more than others. Depending on where the Broker is located (ie. larger centres usually means larger overhead and larger fees) sometimes the fee is higher. Here is a quick video from the Globe and Mail asking the same question….take a look!