How Much Does a Mortgage Broker Cost

Joel Olson • December 2, 2021

The best things in life are free?

 

Okay, a really great question that we get a lot is that, how much do we charge as brokers?

 

How much does it cost for you to come to us, have us move around you to lenders to lenders, and present your borrowing request in front of different banks, credit unions, and other types of trust lenders, and that type of thing.

 

 Mortgage broker services are 100% free.

 

How it works is that if you go into the TD Bank or you go into your local credit union, you don't actually pay to talk to the teller, you don't have to pay to talk to the loans person, but you know some way, somehow those folks are getting paid from operational costs.

 

They're getting a wage, all that type of thing.

 

So, that operational cost goes towards us as a broker because you're not going to go inside of a branch in the vast majority of cases.

 

You're not going to need to have them do the work, so that's not an additional cost.

 

 

So when you're using us, we are charging you nothing whatsoever and the bank's paying as a separate transaction.

 

But it's not something where you're getting paid for, it's getting slid in, or it's affected your rate.

 

It is a situation where we are getting that cost that would normally go towards a bank employee.

 

Now here's where it gets really, really great.

 

When you legally go and talk to an independent financial planner or you're going inside of your bank, they are not legally obligated to work or look out for your best interests.

 

 If you go inside TD, they can't tell you to go to CIBC because they're going to be a better deal.

 

That would make them lose their job.

 

However, the opposite is true of a mortgage broker.

 

If we are always favoring one lender over another lender, that means that we are in violation of what our licensure recalls.

We have to be looking for the best possible deal for the lender.

 

This is why we will often hear us talk about the idea that even if you think or even if we're going to place you with your existing lender, your existing bank, it's worth it to come to us because we have to make sure that they are actually offering the best deal.

 

It's very common for people to get better deals to their own bank through us than it is when they go directly into the branch.

 

Anyway, I hope that helps you out to know that our services are free.

 

There are certainly some private loans we do that we charge broker or lender fees, but those are the vast majority and very, very extreme circumstances, and those cases truly we can do what no one else can do.

 

So if you have any questions, please reach out to us.

 

We have loved to answer any of your mortgage questions as well as if you could subscribe to this channel, like our post, and share with anybody you know.

 

We'd really appreciate that.

 

Thanks so much, have a great day.


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And if you need to discuss any strategies, you can schedule a time on my calendar here:


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4 Signs You’re Ready for Homeownership

By Joel Olson • October 21, 2025
Buying your first home is a big deal. And while you may feel like you’re ready to take that step, here are 4 things that will prove it out. 1. You have at least 5% available for a downpayment. To buy your first home, you need to come up with at least 5% for a downpayment. From there, you’ll be expected to have roughly 1.5% of the purchase price set aside for closing costs. If you’ve saved your downpayment by accumulating your own funds, it means you have a positive cash flow which is a good thing. However, if you don’t quite have enough saved up on your own, but you have a family member who is willing to give you a gift to assist you, that works too. 2. You have established credit. Building a credit score takes some time. Before any lender considers you for mortgage financing, they want to see that you have an established history of repaying the money you’ve already borrowed. Typically two trade lines, for a period of two years, with a minimum amount of $2000, should work! Now, if you’ve had some credit issues in the past, it doesn’t mean you aren’t ready to be a homeowner. However, it might mean a little more planning is required! A co-signor can be considered here as well. 3. You have the income to make your mortgage payments. And then some. If you’re going to borrow money to buy a house, the lender wants to make sure that you have the ability to pay it back. Plus interest. The ideal situation is to have a permanent full-time position where you’re past probation. Now, if you rely on any inconsistent forms of income, having a two-year history is required. A good rule of thumb is to keep the costs of homeownership to under a third of your gross income, leaving you with two-thirds of your income to pay for your life. 4. You’ve discussed mortgage financing with a professional. Buying your first home can be quite a process. With all the information available online, it’s hard to know where to start. While you might feel ready, there are lots of steps to take; way more than can be outlined in a simple article like this one. So if you think you’re ready to buy your first home, the best place to start is with a preapproval! Let's discuss your financial situation, talk through your downpayment options, look at your credit score, assess your income and liabilities, and ultimately see what kind of mortgage you can qualify for to become a homeowner! Please connect anytime; it would be a pleasure to work with you!
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Mortgages Aren’t One-Size-Fits-All

By Joel Olson • October 7, 2025
Why the Cheapest Mortgage Isn’t Always the Smartest Move Some things are fine to buy on the cheap. Generic cereal? Sure. Basic airline seat? No problem. A car with roll-down windows? If it gets you where you're going, great. But when it comes to choosing a mortgage? That’s not the time to cut corners. A “no-frills” mortgage might sound appealing with its rock-bottom interest rate, but what’s stripped away to get you that rate can end up costing you far more in the long run. These mortgages often come with severe limitations—restrictions that could hit your wallet hard if life throws you a curveball. Let’s break it down. A typical no-frills mortgage might offer a slightly lower interest rate—maybe 0.10% to 0.20% less. That could save you a few hundred dollars over a few years. But that small upfront saving comes at the cost of flexibility: Breaking your mortgage early? Expect a massive penalty. Want to make extra payments? Often not allowed—or severely restricted. Need to move and take your mortgage with you? Not likely. Thinking about refinancing? Good luck doing that without a financial hit. Most people don’t plan on breaking their mortgage early—but roughly two-thirds of Canadians do, often due to job changes, separations, relocations, or expanding families. That’s why flexibility matters. So why do lenders even offer no-frills mortgages? Because they know the stats. And they know many borrowers chase the lowest rate without asking what’s behind it. Some banks count on that. Their job is to maximize profits. Ours? To help you make an informed, strategic choice. As independent mortgage professionals, we work for you—not a single lender. That means we can compare multiple products from various financial institutions to find the one that actually suits your goals and protects your long-term financial health. Bottom line: Don’t let a shiny low rate distract you from what really matters. A mortgage should fit your life—not the other way around. Have questions? Want to look at your options? I’d be happy to help. Let’s chat.