Strathroy Mortgage FAQ

How much do mortgage brokers cost in Ontario?

This is one of my favourite questions! For regular mortgages from the bank, I cost you nothing! The bank pays me a commission for bringing them a new client so I get to work on your behalf to shop which lender and rate is best for you! Alternative and private lending requires a broker fee which we can discuss as we go through your best options.

Are mortgage brokers worth it?

Yes! I don’t work for 1 bank so my job is stay up to date on lender rates and products so I can do the shopping for you! I also want to make sure you are educated through the process so we can work together to see your short and long term goals for home ownership or investments realized. I’m also happy to work with your accountant or financial planner as we work through your options and solutions. I also don’t work bank hours and am available to answer all your questions even if you need to schedule a call in the evening!

That’s a lot of value you get without paying anything!

Who pays the mortgage broker’s fees?

The bank or lender almost always pays our fees. But for private mortgages and some commercial lending, it is up to the client to pay for our services.

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

Nothing. Both are different words for the same professional. For some reason, there are a lot of terms for a broker, including mortgage agent, associate, broker, advisor, and mortgage professional. But, whatever you call us, you’ll get the same great service!

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

No. Whether you choose a variable rate or a fixed rate, we get paid the same. Our commission is tightly regulated to make sure there is little to no incentive to try to sell our clients one product over another. This protects you from predatory brokers trying to push you into a mortgage that might not work for you.

Do you have a niche product or client that you like to help?

I really do just love people and want to see ALL my clients happy whether that be a refinance to help you with a home renovation or consolidating debts, or working through your estimated numbers to sell your house and buy a new home, or transferring your mortgage on renewal to find you the best rate. BUT I do have to say that I really love first time home buyers and self employed clients! I was a teacher before starting my family so I tell my first time home buyers that they are my students as we work together on this process for their very first time! No need to raise your hand! Ask me ALL your questions and my email to you is like my chalkboard to help you visualize the process and understand it along the way! Self employed clients are also a favourite of mine as so many of you come out of the bank discouraged by how little they can approve you for even though you KNOW you can afford what you are dreaming about! Some banks are better than others with self employed clients and there are so many fun ways to get you pre-approved to buy that dream house or investment property!