Calgary & Edmonton Mortgage FAQ

How much do mortgage brokers cost in Alberta?

We don’t charge you anything for the majority of our services. Instead, we get paid a referral fee/commission from the bank or lender you choose through us.

As a rule, mortgage brokers only charge for:

Mortgage planning session(s): For clients who come in for a consultation with no intention to purchase a mortgage, I may charge for my time, as I won’t receive a fee from the bank/lender.
Private mortgages: Private lenders do not pay commissions, so the fee falls on the client.
Commercial lending: Depending on loan details like mortgage size, building type, etc., commercial clients may also be required to pay a fee.

Are mortgage brokers worth it?

I’m a broker, so I am biased, but let me tell you why I think using a mortgage broker is worth it.

We:

Streamline the application process
Customise our search to meet your goals
Walk through the process with you

And for you, the client, that comes free of charge.

Who pays the mortgage broker’s fees?

For most mortgages, the bank or lender pays. However, there are some instances, like private mortgages and some commercial lending, where the client pays for our services.

What’s the difference between a mortgage advisor and a mortgage broker?

Aside from the name, there is no difference. The same is true for mortgage agents, associates, brokers, advisors, and mortgage professionals.

Are realtor fees negotiable in Alberta?

In Alberta, realtor fees are negotiable. In fact, fees change depending on a variety of factors, with realtors charging anywhere from 1% all the way up to 5%.

Do mortgage brokers get paid more for a variable rate mortgage?

Our commission fees are tightly regulated to make sure there is no incentive to sell clients a mortgage that doesn’t work for them. So, we get paid the same amount no matter what you choose.

Is working with a mortgage broker better than going to a bank?

Generally, yes. When you find a good mortgage broker, they will:

Give you custom advice: We take the time to listen to you and customise our service to your needs.
Shop through the products of banks, lenders and credit unions to find the best: Banks give you only one option. When you work with a broker, we approach various lenders to find a mortgage that works best for you.
Make banks/lenders compete for your mortgage: With many lenders, comes competition. That means better rates and better service.
Put your needs first: We work for you, not a bank. That means you and your goals come first.