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Posted on Dec 26, 2019

Mortgage Brokers Of Calgary

Do mortgage brokers charge a Fee?

That varies from broker to broker, but most of the brokers do not charge the borrowers. As mortgage brokers work independently, they should be licensed. They charge a fee for their service, but the lender mostly pays it.
This is because they are getting lender the borrower.

How much do brokers charge?

The fee also varies from broker to broker, but mostly, it amounts between 1% and 2% of the total loan. This 1% to 2% amount of the loan might appear to be a lot for you or the lender; however, it may vary. It depends on different factors,
They are legally required to disclose their charges right as they offer their service and must not receive more than that.
Usually, the total fee is divided according to the services. The mortgage brokers usually provide an itemized receipt, which lets the borrower (in case the borrower has to pay the fee) know what exactly is he paying the amount for.

How to pay the broker's fee?

When it comes to paying a mortgage broker fee, it can be two ways. You can either pay upfront or add it to the loan. Mostly, brokers decide how they would like to receive their fees. However, some brokers offer clients to choose how they want to pay. If you are given the option, choose according to your ease.
Thus, brokers do charge fees, but it depends on the broker if he charges the borrower or the lender. When you visit a broker, make sure you ask about the fee.
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