Do mortgage brokers charge fees in Canada?

In the vast majority of cases — no. For standard A-lender mortgages (banks, credit unions, monolines), the broker is paid entirely by the lender. You pay nothing. The exception is B-lender or private mortgage situations, where a broker fee may apply and must be disclosed upfront before you commit to anything.

How much do mortgage brokers make in Canada?

Lenders typically pay brokers a finder's fee of 0.5–1.2% of the mortgage amount, depending on the lender, term, and product. On a $500,000 mortgage, that's roughly $2,500–$6,000. This is paid by the lender, not you.

Is it cheaper to go through a mortgage broker or directly to a bank?

A broker is almost always the same cost or cheaper. Wholesale rates available through brokers are typically equal to or lower than branch rates — lenders give brokers preferential pricing in exchange for volume. You don't pay the broker's fee, and you often get a better rate.

When would a broker charge me a fee?

In B-lender situations (where lender finder's fees are lower) or private mortgage situations (where no lender fee is paid), a broker may charge a fee directly to the client. This is always disclosed in writing before you proceed. Maple Key discloses all compensation proactively.

What is a finder's fee in mortgage brokering?

A finder's fee is the lender's payment to the broker for bringing them your mortgage. It's built into the lender's cost of origination — not added to your rate or costs. The rate you receive through a broker is the same as or better than going to that lender directly.

Mortgage Broker Fees · Canada

Mortgage Broker Fees in Canada — The Honest Answer

Most people assume mortgage brokers cost money. In the vast majority of cases, they don't — at least not to you. Here's exactly how it works.

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Your Cost: $0

For standard mortgage transactions (purchases, renewals, and refinances through A-lenders), using a mortgage broker costs you nothing. The lender pays the broker when your mortgage closes.

How Broker Compensation Actually Works

When your mortgage funds, the lender pays Deane a finder's fee — typically 0.5–1.2% of the mortgage amount, depending on the lender and term. This payment comes from the lender's cost of mortgage origination budget.

On a $500,000 mortgage:

Your cost

Lender's finder's fee to broker

$2,500–$6,000

Your rate vs going direct

Same or better

Does the Finder's Fee Influence the Recommendation?

Honest answer: finder's fees do vary between lenders — typically by small amounts. A good broker recommends the right product for your situation regardless of which lender pays more. Maple Key proactively discloses compensation if you ask.

When a Broker Fee Might Apply

B-lender mortgages

Some B-lenders pay lower finder's fees. In these cases, a broker may charge a client fee to make the transaction viable. Always disclosed upfront.

Private mortgage situations

Private lenders don't pay finder's fees. A broker fee applies and will be disclosed clearly before you commit.

Complex or high-risk situations

Situations requiring significant work — multiple lenders, complex income, rapid timelines — may involve a fee. Always discussed before proceeding.

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