You’re ready to buy a home and you’ve laid out the groundwork to formulate a successful mortgage strategy. Your next step is to consult with a professional mortgage broker or agent who will guide you through the entire process of obtaining your mortgage to help realize your dream of homeownership.  


A mortgage is a complex commitment, so you’ll want to rely on your agent’s expertise to find the best mortgage solution and secure the most appropriate product based on your needs. Given that there are many different options and features to consider, the services offered by a mortgage agent can be truly invaluable.


With all of the costs associated with obtaining a mortgage, you’re probably wondering how much your mortgage agent is going to cost you?


Using a mortgage agent is typically free!

Mortgage brokers and agents across Canada are paid a commission – or finder’s fee – by the lender once the mortgage has successfully funded. Their remuneration varies based on the individual lender as well as the type of mortgage, but their compensation does not come out of your pocket!


Mortgage agents negotiate with different types of lenders, including banks, trust or insurance companies, and credit unions. They’re required to act in your best interest and assess your situation before providing recommendations on which mortgage is best for you. Don’t be afraid to ask your agent how they’re paid and why they’re recommending a particular lender’s product to ensure you’re getting the right value for the services being offered.


In some provinces, a disclosure document must be provided to borrowers, which outlines details regarding mortgage suitability, commission, volume bonuses and other fees potentially received from a lender. Your agent has a duty to ensure the mortgage they’ve recommended is best suited to you, as well as reveal the manner in which they’re paid.


Have questions about how we’re paid or your mortgage in general? Answers are a call or email away!