If you’re looking to get a mortgage and considering a mortgage broker, there’s a good chance you’re wondering about how much the service costs.
Good news! Clients looking to get a standard residential mortgage pay no fees to the broker, North East Mortgages President Terry Kilakos explained.
“On standard residential mortgages, it’s 100% free for the clients,” Kilakos said. “We’re paid by the bank or by the lending institution that we give the mortgage to.”
But it’s not the only advantage a broker can bring you. When you’re shopping for a mortgage at a bank, they’re only able to offer you something from their stable of products. A broker, however, is able to shop at different banks to get you the best product for your needs.
“If you don’t fit in the bank’s box of products, then you don’t get the mortgage. When you go to a mortgage broker, the mortgage broker has access to every lender on the market and is able to sell you basically everything to find a solution that makes the most amount of sense for you,” he said.
Because they’re able to shop around, in many cases the broker is able to find better you a better rate on your mortgage.
In addition, mortgage brokers are licensed professionals covered in Quebec by a professional governing body, the OACIQ, that looks out for you, the consumer. In many cases, the person you’re dealing with at the bank is just a salesperson, without any requirement they be licensed.
So, if you’re in the market for a new home, try a mortgage broker. It’s the safer, smarter choice for your mortgage. We’d encourage you to shop around, then get in touch with us for a no-obligation chat.