When dealing with banks and other A-lenders, mortgage agents get paid a percentage of the total loan by the lender, not the borrower. This fee is built into the mortgage amount and is not an extra cost.

If your mortgage is with a private lender or B-lender, there will be a one time lender and brokerage fee clearly explained to you in advance and this will be due and payable on the mortgage funding date. With a mortgage refinance, you simply pay the fee from the mortgage proceeds.

Mortgage broker services have access to multiple lenders outside of banks, giving you a wide variety of rates and options! Most of the time the broker’s rates will be lower, but from time to time your bank may be aggressively seeking new mortgages and their rates may be similar.

I might be biased but of course, you should! I couldn’t imagine navigating the complicated process of residential mortgages without a broker. You probably do a mortgage transaction only once every few years, whereas she may be placing hundreds of mortgages every single year. Why not get that experience and knowledge working for you – and with banks and A-lenders there will no cost or fees for this expertise.

You’ve made a great start by finding this page. Reach out to us and you’ve started the process!