Mortgage guide
Mortgage broker costs
How the broker gets paid, and the few cases where fees can apply.
What does it cost to use a mortgage broker?
On most standard insured or insurable residential files, the lender pays the broker after funding. So you usually pay nothing out of pocket for the review, the lender comparison and the follow-up through approval.
Insurable mortgages and lender compensation
When your file fits a bank, a credit union or a standard residential lender, that lender pays for the work of preparing and presenting the request. No fee comes out of your pocket for the basic service.
Possible fees in special files
Some files need a different mandate. Private lending, commercial financing, a rush job, a complicated situation, work beyond the normal mortgage process. If fees apply, Mathieu gives you the amount, the reason and your options before you go any further.
No-fee first meeting
The first meeting is free. Mathieu goes over income, debts, down payment, property type, timing and the documents you already have. If a specific cost could apply, you hear about it before you commit to anything.
Goal: reduce the real cost of the wrong choice
The cost that hurts isn’t always a visible fee. The wrong lender, a heavy penalty, a badly chosen term or a condition you misread can cost far more. So the job is to weigh rate, fees, flexibility, penalties and risk against your file.
To prepare
What to gather.
- First meeting is free
- Lender usually pays the broker
- Fees explained up front
- Special cases spotted early
- Total cost compared
- Straight talk on what the file can’t do
Frequently asked
Do I pay the broker directly?
Usually not. On most standard residential or insurable files, the lender pays the broker after funding. If your file calls for specific fees, you’ll hear about them before going ahead.
Is the first meeting free?
Yes. Mathieu reviews the file and tells you whether any fees could apply before you decide to continue.
When can fees apply?
In some private, commercial, urgent or specialized files. The amount and the reason should be laid out clearly before you commit.
Have your file reviewed before you commit.
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Pick the situation closest to yours.
Contact
Tell Mathieu about your project
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
- Your request goes directly to Mathieu
- Across Quebec, in French and English
- No fee on most residential files