Frequently Asked Questions (HST addressed below)
Why use a Mortgage Broker?
Just as insurance brokers find you the best deal on insurance, a BC mortgage broker will find you the best deal on mortgages. Rather than working for one financial institution, we deal with many different financial institutions on a daily basis. This allows us to offer you more choices and more competitive mortgage rates. It also means our advice is impartial and based on whatever is in your best interests.
How do mortgage brokers find the best rates for clients?
We study mortgage rate markets and have direct access to different lenders, and can offer you highly competitive rates that are among the best available. And while you may not enjoy negotiating with financial institutions, that’s our specialty. We are committed to finding and presenting you with the best possible deal.
Wouldn’t it make more sense for me to talk to various banks on my own?
Shopping for mortgages can be time consuming and frustrating if you do it yourself. That’s why more and more Canadians who are shopping for a mortgage, are relying on mortgage brokers. Mortgage brokers have access to over 40 lenders and know which lenders offer which products and can quickly short list the ones that best match your needs. For consumers, it is one-stop shopping at it’s best.
Are mortgage brokers employed by the banks?
As mortgage brokers, we don’t work for any of the lenders and won’t try to lead you in a certain direction. After making sure we understand your needs, we present you with various options and together we decide which mortgage is best for you and your financial future. No pressure. No ulterior motives.
Do mortgage brokers get paid by the banks?
Even though we work for you (not the financial institution), we get paid by the financial institution (not you). Their “finder’s fees” reimburse us for bringing them creditworthy customers like you. And since these fees are similar across most lenders, there’s no incentive for us to favour one lender over another. In very rare instances—if, for example, you have non-standard credit—a broker may charge a fee, but in the vast majority of cases, there’s absolutely no charge of any kind to you.
How do the banks pay mortgage brokers?
After we have analyzed your financial situation and goals, we shop several lenders for the mortgages that best meet your needs. Once we agree on the final choice, your mortgage is placed with that lender. Only after all the details are taken care of and your mortgage is complete, do we receive a “finders fee” from the lender. This provides strong motivation for us to keep your mortgage deal moving forward to early completion.
Which lenders do you work with?
The lenders we deal with are the same reputable, established Canadian financial institutions you’re used to. We are committed to upholding the highest ethical standards and our goal is to ensure your 100% satisfaction.
HST questions answered....
What the HST means for homebuyers
BC Government explanation
Chartered Accountants report