Some mortgage brokers charge a fee and some don’t – We don’t. There is a myth that it costs more to use a mortgage broker than when you go directly to a bank. That is not true at all. Brokers get paid a commission by the bank for bringing new business to them, this does not impact your rate, level of service, fees or cost of doing business.
Some brokers charge a fee for their service. They must disclose this fee upfront to you so you know what you will be up for if you engage their services. However, the costs of the loan are the same, depending on the loan you choose.