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Mortgage Broker Questions

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  • Aug 22nd, 2021 10:18 am
[OP]
Deal Addict
Sep 20, 2008
1141 posts
303 upvotes
Toronto

Mortgage Broker Questions

Hello RFD, I'm not familiar with mortgage brokers so I was wondering if I could get feedback. Is there an upfront cost to hiring a mortgage broker? From what I've quickly researched, the lender pays a small fee back to the broker. Can anyone recommend a broker? I know of a few, but I don't want to disclose my information to people who are close.
5 replies
Deal Expert
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Feb 11, 2007
19465 posts
22601 upvotes
GTA
Faemow wrote: Hello RFD, I'm not familiar with mortgage brokers so I was wondering if I could get feedback. Is there an upfront cost to hiring a mortgage broker? From what I've quickly researched, the lender pays a small fee back to the broker. Can anyone recommend a broker? I know of a few, but I don't want to disclose my information to people who are close.
No fees for broker. I've been using True North Mortgage for years. Just renewed again with them with Think Financial as the lender. Best rate I can find.
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[OP]
Deal Addict
Sep 20, 2008
1141 posts
303 upvotes
Toronto
engineered wrote: No fees for broker. I've been using True North Mortgage for years. Just renewed again with them with Think Financial as the lender. Best rate I can find.
That's what I figured. You would never know the % they make with the lenders, but this isn't your concern. My wife found someone through her brother, but she needs a pretty large upfront payment for her services as well as all our personal information, through email. No confidentiality forms or legalized forms to fill out. My flags are up, but I'm not sure if this is common practice.
Project 708
Architectural Pencil Pusher
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Oct 13, 2012
51 posts
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A handful of mortgage agentd frequently respond to this thread. You can try and reach out to them as usually they have pretty good rates to offer.

official-mortgage-rates-thread-351105/


Having said that, we closed our first home earlier this year and mortgage agents could not match the rates we got directly from the banks.

hsbc-5yr-variable-0-99-1-29-1-34-starti ... h-2426395/
Jr. Member
Nov 19, 2020
162 posts
534 upvotes
Like to second the above post. Using the Internet and rate sites like ratehub I found rates available that brokers could not match. And they shouldn’t. There “fees” is built in the rate so 2.19% might be given to you at 2.21%

My coworker did broker on the side he charged no fees but in the fine fine print it shows they get a kickback from the bank approx $1500 per size of loan.

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