Did you know that when you arrange a first mortgage with a mortgage broker, there is generally no cost to you the client? Brokers who are able to place financing with major lenders are compensated by the lender, rather than having to collect a fee from the client. This is because the lenders put aside a budget to encourage broker business. There are hundreds of lenders in Canada, and well known lenders such as Scotia, CIBC Firstline, Envision Credit Union, First National Financial and TD Bank (just to name a few) all offer equal compensation to brokers. This means that your broker can offer you the mortgage with the best flexibility and options and not have to charge a finders fee.
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