How do mortgage brokers get paid?

When Borrowers DON’T pay:   Mortgage Brokers are often paid by the lender – probably about 98% of our client’s mortgage application has the fee paid for by the Financial institution.  For the consumer it means FREE access to independent advice and access to all sorts of lenders – including Banks, Credit Union, Mortgage and Trust Companies. With a streamlined process (one point of contact) and professional, independent advocate for the client’s application, a lot of our clients wonder why you wouldn’t use a Mortgage Broker!

When a fee is payable by the Borrower: In some cases where a client’s file can’t qualify with a traditional lender, independent Mortgage Brokers have access to alternative lenders to facilitate the mortgage. With these alternative lenders, borrowers are generally required to pay the brokerage fee but the borrower is advised in writing up-front of any fees that would be payable so they can factor that into the overall package being offered.

If you have any questions about how an independent Mortgage Broker can help you get the best mortgage solution for your personal situation, please give us a call or shoot us an email.  We’ve been offering independent mortgage advice for over 20 years and are happy to help out however we can.