The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Do I need to pay mortgage broker fees?
– moneysense.ca
(Getty Images / Nigel Carse)Q: I applied for a mortgage, but at the last minute the broker told me I’d have to pay $1,534 in mortgage broker fees. This was a totally unexpected cost for me. Do I have to pay the fee?
A: Short answer: It depends on the broker agreement you signed.
While this might hurt, you need to take into consideration why.
Mortgage brokers don’t get paid unless a deal closes. That means if you spend four weeks discussing a mortgage deal with a broker and the bank decides to decline the deal—not only will you be left without a mortgage, but your broker will be left without a paycheque.
To avoid this situation, brokers will “qualify” a client—a term used to determine whether or not you’re the type of borrower most banks would consider a “prime client.” Typically, a qualified client is a person who holds a regular, full-time job, has little or at least manageable debt and a credit history that proves he or she consistently pays the bills.
If you’re a “prime client” you shouldn’t expect to pay a fee to your mortgage broker and you will get offered the most competitive mortgage rates available in the market…
