Sea-To-Sky Mortgage FAQ

How much do mortgage brokers cost in B.C.?

We get paid a referral fee/commission from the lender or bank, so most of our services are free for you.

However, there are a few services we may provide that don’t come with a commission, in which case we charge a fee. These services include:

1. Mortgage planning session(s) for planning purposes only. If you want to book a consultation with no intention of purchasing a mortgage, I may charge for the meeting.
2. Finding private mortgage lenders is paid for by our clients, as private lenders don’t pay commission.
3. Commercial mortgage service, depending on loan details (mortgage size, building type, etc.), may also require fees.

Are mortgage brokers worth it?

Absolutely. Not only will I not charge you anything (except in the circumstances above), I will:

• Simplify the approval process
• Listen to your needs
• Customize a mortgage for you
• Answer all your questions
• Search through 30+ banks for the right mortgage

In short, you get certainty, clarity and the right mortgage, all without spending a dollar.

Who pays the mortgage broker’s fees?

In most cases, the bank or lender we send your mortgage to pays a commission or referral fee. However, for private mortgages and some commercial mortgages, it may be up to the client to pay.

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

There is no difference. While mortgage brokers have a lot of guidelines and rules to make sure we give the most value to our clients, the name of the profession isn’t stipulated. As a result, there are a lot of terms for a broker, including mortgage agent, associate, broker, advisor, and mortgage professional. But, whatever you call us, the service is the same.

Are realtor fees negotiable in B.C.?

Legally, realtor fees are negotiable in B.C. However, that depends on whether your realtor is ready to negotiate. Traditionally, selling realtors are paid 4% of the selling price of a house, but that’s changing. Today, you’ll see fees from 1% to 5%.

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

Our commission is tightly regulated, which means we get paid the same no matter what you choose. This protects you from brokers trying to force you into a mortgage that is bad for you but gets them a higher commission.

Are mortgage brokers better than banks?

Banks are notoriously difficult, with rigid methods and more interest in making money than helping people. Brokers, on the other hand, are individuals who want the best for you.

Mortgage brokers give you:

• Custom advice that is based on your plans and desires, not guidance from some head office in Toronto
• Access to a variety of banks, lenders and credit unions, not just the one option the bank gives you
• Interest rate competition from all the lenders we shop your mortgage out to. That means better rates and better service
• A real relationship with a person who is ready to listen and work for you

So, in almost every case, brokers are better than the bank.

How many lenders do you work with?

I work with over 30 different lenders, giving you a wide range of mortgage options.