Mortgages Made Easy Blog

Our brokers post interesting news, tips, and industry updates every week.

So who pays the Mortgage Broker?

 

What does a mortgage broker do?

I’m a registered mortgage broker – not an agent (I’ll explain the difference in another later blog post). In a nutshell, my job consists entirely of arranging mortgage financing for people either looking to buy a home or refinancing a home they already own. I’ve been happily doing this job for 28 years.

So who pays the Mortgage Broker?

Good question. I am 100% self-employed, which means I am not paid a salary. Everything I earn is simply a result of being paid a commission by a mortgage lender, and I only get commissioned if I’m successful in connecting the right lender with my clients. You are my priority, so for that reason, I never deal with a single lender. Every client has unique circumstances, which is why I work with a pool of about 20 different lenders, including Banks, Trust Companies, and Credit Unions. This gives my clients more and better options and it makes lenders compete harder for your business. This results in the best mortgage experience for my clients.

In the simplest of terms: If I don’t keep you happy, I don’t get paid.

The only time there might be a charge to you the borrower is when I’m arranging finances for someone with a challenging credit situation or income issues that may make it necessary to borrow from “B” type or private lenders. Sometimes people need help, even when the big banks say no. In this situation, all fees are required to be disclosed up front, by law, so there’s never a surprise and never an obligation before you decide what’s best for you.

This is a tiny list of some of the things I do. If you’re looking to buy or refinance your home, always do your homework and ask questions, because you need to be sure that the mortgage you get is right for your needs – both today and down the road.

I do this stuff every single day. I get paid to help people. In fact, it’s the only way I get paid.  I love what I do, and I’d love to help you.

Looking for a mortgage? Wondering if you qualify? Interested in refinancing? Our secure and completely confidential “no obligation” quick-form can give you answers, fast. Find it here.

Sometimes looking beyond rate can save you a fortu...
Avoiding the First-time Home Buyer Blues

Contact Us

  • Ottawa-Carleton Mortgage Inc
    381 Richmond Road Ottawa,
    Ontario K2A 0E7
  • Phone: 613-563-3447
    (24 hours)
  • Fax: 613-563-3195

Get Social Share to Facebook Share to Twitter

We work with the following Lenders

VERICO Financial Group logo CFRA logo Better Business Bureau logo