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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The latest in mortgage news: uninsured posted rates at decade-highs + MORE Mar 11th

Uninsured posted rates from Canada's Big 6 banks have skyrocketed over the past year, according to data from the Bank of Canada..... More »

Fixed mortgage rates surge higher as bond yields break above 4% Aug 21st

Bond yields broke through a key resistance point this week, leading to a fresh round of fixed mortgage rate increases..... More »

CMHC consumer survey reveals the importance of follow-up contact by mortgage brokers + MORE May 13th

There was a simple but important lesson for mortgage brokers in CMHC's 2023 Consumer Survey released Wednesday: follow-up contact leads to more satisfied clients..... More »
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Struggling to make mortgage payments? How to avoid the slippery slope that leads to losing your home + MORE Nov 22nd

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Mortgage renewal calculator + MORE Jan 25th

Thee are a lot of decisions to make when it comes to renewing your mortgage, including whether or not to stick with your current lender. A mortgage renewal calculator can simplify the process and help you pick the best mortgage offer available to you at the time of renewal.  You.... 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.
–Adil
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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