How do mortgage brokers get paid? Feb 18th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Bond Yields Surge, Mortgage Rates Rising in Response + MORE Feb 24th

Canadian bond yields hit their highest level since April in recent days, and a number of lenders have responded by starting to raise some of their mortgage rates. CMLS, MCAP and First National were among the non-bank lenders to increase at least some of their rates, with their broker rates rising 10.... More »

Latest in Mortgage News: BoC Sees Early Signs of Housing Overheating, but Will Keep Rates Low for Now Feb 27th

Fixed rates may be heading higher, but variable-rate holders can rest assured their rates won’t be going up just yet, at least according to Bank of Canada Governor Tiff Macklem. During a speech on Canada’s labour market, Macklem said monetary policy will need to continue to provide stimu.... More »
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
A. A mortgage broker can obtain financing for a borrower to buy real estate from different sources. They can try to arrange the best deal, beyond just the interest rate, with banks, credit unions, trust companies and other lenders. By comparison, a mortgage specialist at a bank or similar financial institution may only be able to arrange a mortgage loan from that single institution. 
Different provinces have different rules related to education and licensing requirements for brokers; beware there are also private lenders who are not subject to the same regulation. 
A mortgage specialist at a bank, credit union or trust company may be paid a salary, bonus, or commissions for arranging mortgages. Most or all of their compensation tends to come from the volume of mortgages they facilitate…

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