Calgary Mortgage FAQ

How much does a mortgage broker cost in Calgary?

Most people reading this will not have to pay for their mortgage broker. Brokers are usually paid on commission from the bank or lender you choose to carry your mortgage.

The client only pays for:

1. Private Mortgages do not pay commissions. The fee is paid by the client.
2. Commercial Lending may require the client to pay a fee depending on mortgage size, building type and other loan details.

Are mortgage brokers worth it?

I’ve given out mortgages working at the bank and as a broker, and I firmly believe that you will not only get better terms but also have a better experience with a good mortgage broker.

When bankers try to sell you a mortgage, they are selling products to meet the bank’s goals. But, when you are working with a broker, they are focussed on meeting your goals. That means they’ll help:

• Walk with you to make the mortgage application process easy
• Customise the mortgage to meet your needs, not the bank’s
• Be there for you when you need it, not just when the bank is open

Who pays the mortgage broker?

For most mortgages, the lender (or bank) pays the broker’s fees. For some commercial mortgages, and most private mortgages, the client pays the brokerage fees.

Is there a difference between a mortgage broker and a mortgage advisor?

Both those terms refer to the same profession. In fact, there are even more names for a mortgage broker, including mortgage agent, associate, broker, advisor, and mortgage professional.

Are realtor fees negotiable in Alberta?

Depending on who your realtor is, the fee might be negotiable. In fact, today you can find a wide range of fees for realtors, starting at 1% and extending up to 5%. The fee that you pay is dependent on the price you pay for your house and the business model of the brokerage you choose.

Are mortgage brokers paid more to sell variable rate mortgages?

No. We get paid the same whether you choose a variable rate or a fixed rate. In fact, our fees are tightly regulated to make sure we have no reason to sell you something you don’t want.

Is working with a mortgage broker better than going to a bank?

Based on my experience both in the banking system and as a mortgage broker, you will find better opportunities for a mortgage that fits your goals by working with a mortgage broker.

1. We work for you. The banker’s job is to make the bank money. Our job is to get you the best mortgage possible.
2. We shop around. When you approach a bank, you have one option – what they give you. We shop every lender available so we can find the right lender for you.
3. We make banks compete. We write a lot of mortgages, so the banks are willing to compete to make sure they keep our business.
4. We’re right there beside you. Bankers work during bank hours, which tend to overlap with the hours you work. A good mortgage broker has a team that will support you when you need it.