For most residential transactions, the cost of getting a mortgage through a mortgage broker is not paid by the home buyer (you) but is instead paid by the lending institution providing the mortgage. As such, you do not have to pay for the services of your mortgage broker.
No. Mortgage brokers are able to offer competitive rates that can match or even beat those offered by retail banks. In order to find the right mortgage to suit your financial and homeownership needs and goals. Mortgage brokers are able to offer mortgages from numerous lenders, so they are often able to offer the best pricing match with the best product to suit your needs.
Licensing requirements for mortgage brokers vary by province, but all mortgage brokers must be licensed. All mortgage brokers must pass a criminal background check and submit their fingerprints. Most jurisdictions also require mortgage brokers to undergo credit checks and have a minimum level of experience and education in order to operate. Additionally, all mortgage brokers must usually meet certain pre-license educational requirements and ongoing education requirements to maintain their license. Some may be required to take out a bond or meet certain net worth requirements.
Yes. Mortgage brokers are regulated and must comply with a variety of rules in order to conduct business. Applying for a mortgage can seem overwhelming, and you likely have more questions than those we answered here. For more information about the mortgage application process in general and how your unique financial and homeownership goals and needs factor in please speak to your mortgage broker.