Lethbridge Mortgage FAQ

How much do mortgage brokers cost in Alberta?

I’ve got great news. Chances are you won’t have to pay me a cent.

For most mortgages, I get paid a fee/commission from the bank or lender I send your file to. That means my services are completely free to you.

But there are a few instances where you may have to pay.

1. If you don’t intend to get a mortgage through me, but still want a consultation. I rely on commission to feed my family, so if you want to book me for a consultation but don’t want to move forward with a mortgage, there may be a charge for my time. We’ll discuss this beforehand to make sure you don’t get a surprise bill.
2. Private Mortgages don’t pay a commission, so I have to charge a fee.
3. Commercial Lending may also require a fee depending on the details of the loan.

Are mortgage brokers worth it?

I think so. I try to build as much value into the mortgage finding process as possible, including:

• Sharing my experience so you don't feel lost
• Simplifying the application to smooth out the process
• Getting to know you so I can find the right mortgage

That’s a lot of value you get for free when you work with me.

Who pays the mortgage broker’s fees?

In most cases, I get paid a commission by the bank or lender. But for most private mortgages, the client foots the bill.

Do I need to have a plan to buy before I call you?

Absolutely not.

Buying a home is getting more and more expensive, which means it’s taking longer and requiring more careful planning. As a mortgage broker with a history in banking, I can help you build that plan even if the purchase is three years out

In fact, planning is one of my favourite things to do.

What’s the difference between a mortgage broker and a mortgage advisor?

Technically, the word “broker” is reserved for the manager or owner of the mortgage brokerage. Everyone else is a mortgage agent. But colloquially, the term is synonymous with mortgage agent, associate, broker, advisor, and mortgage professional.

Are realtor fees negotiable in Alberta?

By law, they are, but in reality, it depends on your realtor. Some may be open to negotiation, while others may not.

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

Unless you find a really great banker or a really bad mortgage broker, the mortgage broker is going to be better because:

1. We’re mortgage experts, while bankers are financial generalists.
2. Our advice is based on what you tell us, not by some head office in Toronto.
3. We have access to a variety of banks, lenders and credit unions who compete for your business so you get the best deal possible.