One of the first things we do when meeting a prospective client is explain the role of a Mortgage Broker.
The Mortgage Brokering Industry is experiencing tremendous growth in terms of demand and consumer awareness in our nation. As it becomes harder to walk into your bank and obtain a mortgage approval, consumers are turning to a Mortgage Broker for access to other lenders – but this is only one advantage to working with a Mortgage Broker.
Let’s address a common misconception – How do Mortgage Brokers get paid?
We are a cost-free service for residential (single family, duplex, triplex and in some cases four-plex unit) transactions.
- We are paid by the lending institution, not by the client
- There are no hidden fees, inflated interest rates or other charges for the use of our services on residential mortgages
- Similar to the insurance industry, we are paid a “finder’s fee” when we introduce qualified clients to a financial institution. Simply put, we are paid by the lender, never by the client on residential mortgages
For commercial transactions (five units or more), there is a cost to our services.
- We are paid on a percentage basis; prior to signing an engagement agreement with us, our fee is discussed with you so there are never any surprises after we begin working together
- The Mortgage Brokers’ and Lenders’ Registration Act governs the industry in Nova Scotia – fees must be disclosed in writing and acknowledged in writing by both the Broker and the client. We take this regulation very seriously.
What can a Mortgage Broker do for me that my bank can’t?
- We can examine every Canadian lender’s mortgage products, and find the right one for you…this means approximately 50 products
- Your banker, or bank’s Mortgage Specialist is limited in terms of the options they can present to you – they’ll only present what’s available through the bank
- In some cases, the right product may be from your bank, but we’ll confirm this – wouldn’t you prefer to know you’re getting the best rate available to you, with the right privileges and most reasonable penalties if your circumstances happen to change at some point down the road?
We’re great negotiators – we’re committed to sourcing you the best rate available
- Many people are uncertain or uncomfortable negotiating their mortgage rate directly with their bank
- We take on that role, and because we have access to multiple lenders, in lots of cases more than one lender will want to approve your mortgage if you’re a credit worthy client
- This gives us great negotiating power when it comes time to selecting the lender that is willing to give you the best product, at the best rate
We have access to special deals and add-ons, and we’ll ensure you have access to what you’re entitled to
- We can tap into deals and special promotions for credit worthy clients that you may not otherwise know exist
- Examples can include cash-back at closing to cover legal fees, retail points programs, appraisal reimbursements, and rate discount specials that aren’t publicly advertised
- We’ll make sure you get every add-on that you’re entitled to
Ongoing support, consultation and a client-centered approach
- We do mortgages all day, every day
- Mortgages can be complicated, and not all mortgage professionals are created equally
- As Brokers, we’ll explain the fine print in your mortgage commitment so you know exactly what you’re signing up for
- We’re also available as you reach mortgage milestones, including renewals, regardless of how many years have passed since we worked with you
- One call away is access to your mortgage expert – no 1-800 helpline, no need to visit a branch for assistance, home visits or coffee shop meetings available…our services are personalized, accessible and available when and how you need them
- One meeting, one credit check, a Canadian marketplace of financing options shortlisted just for you…
- You’re busy, let us sweat the details and behind the scenes conversations on your behalf so you can focus on the fun part…finding your perfect home
You Dream It. We Finance It.