Mortgage professionals work for you, and not the banks; therefore, they work in your best interest.
From the first consultation to the signing of your mortgage, their services are free.
A fee is charged only for the most challenging credit solutions, and it’s especially under those circumstances that a mortgage professional can do for you what your bank cannot.
The cost of using a mortgage broker in Canada can vary depending on several factors, including the specific broker and the services provided
It’s worth noting that mortgage brokers are required by law to disclose their compensation structure to borrowers, ensuring transparency in the process. Additionally, mortgage brokers have a duty to act in the best interest of their clients and provide suitable mortgage recommendations.
If you’re considering using a mortgage broker, it’s recommended to inquire about their compensation structure and any associated fees during your initial consultation. This will help you understand the potential costs involved and allow you to make an informed decision about working with a particular broker.
Keep in mind that the services provided by a mortgage broker can often be beneficial, as they can help you navigate the mortgage market, access a wider range of lenders and mortgage products, and potentially secure better terms and rates.