Good news! Clients looking to get a standard residential mortgage pay no fees to the broker.
On standard residential mortgages, it’s 100% free for the clients. We’re paid by the bank or lending institution that gets your mortgage.
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. A mortgage broker has access to every lender on the market and is able to find a solution that makes the most amount of sense for you.
Because they’re able to shop around, the broker is usually able to find you a better rate.
In addition, mortgage brokers are licensed professionals covered by provincial governing bodies that look out for you, the consumer. In many cases, the person you’re dealing with at the bank is just a salesperson without any licensing requirements.
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 with a Dominion Lending Centres mortgage professional near you.