Mortgage Broker Costs
Defining Mortgage Broker Costs
A fee is defined as a payment made to a professional or to a professional or public body in exchange for advice or services. In exchange for brokering a mortgage for a client, a mortgage broker (agent) is normally compensated by the client’s lender in exchange for arranging the financing, most often in the form of commission compensation (based on basis points) paid to the broker through the broker’s brokerage. In some unique circumstances, a fee would only be charged to the client (often included in the mortgage amount) for the most challenging situations where approval is more difficult to obtain due to many factors such as poor credit, bruised credit history, or irregular income. This fee is agreed upon by both parties before financing.
Shane's services are entirely FREE (O.A.C.) to you
With Shane as your mortgage professional, you can trust that you are getting expert advice, the utmost care and attention, and the strongest dedication to service excellence. All of this comes at no cost to nearly all of his valued clients as only those with the most challenging credit situations (explaining “O.A.C.” notation) incur a competitive fee which is discussed prior to commencing service.
For most clients, Shane’s service will be entirely free without hidden fees or gimmicky add-ons. Shane works for you, and not the banks; therefore, he works in your best interest. From the first consultation to the funding of your mortgage, there are no surprise fees or costs involved with his service. Shane and his team work tirelessly on your behalf to obtain you the best mortgage financing available to you.
Mortgage Broker Fees
Shane and his team always offer a free mortgage consultation and provide a completely free service to all of their clients (O.A.C.) as he is compensated by the lender through his award-winning mortgage brokerage, Mortgage Architects. While Shane is compensated by the lender through commission, he and his team work entirely for you to obtain you the absolute best deal possible, with a great rate and terms and conditions that work for your unique financial needs and goals. At the foundation of his service, Shane believes in integrity, transparency, and fairness, and is dedicated to providing the highest level of excellence in service to his valued clients.
In only the most challenging of situations will a competitive, transparent, and fair fee be charged. This may occur where a client has poor credit, bruised credit history, irregular income, or some other factor that makes obtaining financing approval more difficult and where most banks, credit unions, and trust companies would typically decline the client. In these cases, Shane and his team will source an alternative lender with more flexible lending guidelines that will consider these applications.
When a fee is required, it is openly discussed prior to pursuing financing and agreed upon by both parties prior to commencing service. There is no obligation to pay the fee or continue with service in the event a fee may be payable for service.
Shane and his team always offer a free mortgage consultation and provide a completely free service to all of his clients (O.A.C.), from start to finish.
Mortgage Agents/Brokers are compensated through the lender by commission while working in the best interest of their clients, not the lender.
Shane believes in integrity, transparency, and fairness, and is dedicated to providing the highest level of excellence in service to his valued clients.
In only the most absolute challenging of situations will a competitive, transparent, and fair fee be charged. This fee is agreed upon in advance of starting service. The vast majority of Shane’s clients will not incur any fees.
Fees may be charged where obtaining approval becomes significantly more difficult and alternative lender must be sourced as most banks, credit unions, and trust companies would normally decline the client and their application.
When a fee is required to continue service, the client may decline to proceed as they are under no obligation to pay any fee prior to the fee acceptance.
In many cases any fee charged by Shane and his team can be included in the mortgage amount borrowed, meaning that the client does not require access to additional funds “out of pocket” to pay the fee prior to receiving funds.
Free is free, no hidden fees
Contact Shane and his team for a consultation to learn more about what their entirely free service can do for you and learn about the money you could save with great products and rates from hundreds of lenders. It’s free, so what do you have to lose?
Shane can complete your application entirely online or over the phone, as well as in person. Shane offers a variety of options to connect with you and works around your schedule, allowing you to indicate the best time and method for him to contact you.
I strive to make each mortgage process a rewarding one for my clients while helping to minimize the costs of borrowing. While my service is completely free (O.A.C.), there can be costs to obtaining a mortgage, whether through purchasing or refinancing, that I make my clients aware of and help them to plan accordingly. While most of these costs are covered in the mortgage, I believe that an informed client is a satisfied client.
― Shane Osmond, Mortgage Professional
Shane is committed to integrity, transparency, and fairness
When working with Shane, you’ll only ever find an unwavering dedication to providing excellence in client service, which involves the strongest commitment to integrity, transparency, and fairness. No hidden fees, no inflated costs, and no unethical conduct or sales tactics.
Frequently Asked Questions
Yes, Shane’s services are free (O.A.C.) to his clients. While Shane and his team work entirely for you to ensure that you receive a great rate with the best terms and conditions possible, they are compensated by the lender and not the client in nearly all mortgage financing transactions. This means that for the majority of all of Shane’s clients, his services are entirely free without any hidden fees or costs payable to him or his team. However, in certain situations where a client has a severely low credit score, bruised credit history, no or irregular income, lack of records of income, or similar situations, there may be a highly competitive fee charged as obtaining approval from a lender becomes more difficult and all major banks would decline the client so alternative lenders must be sourced. In exchange for obtaining approval with the best rate and terms and conditions possible, a transparent and low fee is charged and can often be included in the mortgage amount so that the client is not paying prior to receiving their mortgage funds. The exact fee is always discussed and agreed upon before any service starts and is never hidden or quoted or charged unannounced near the conclusion of service. You’ll find no unpleasant surprises in working with Shane and his trusted and experienced team.
With a dedication to providing excellent service with the utmost integrity and adherence to all regulations and legislation surrounding finance services, you may note that throughout the website and on various marketing materials “O.A.C.” appears when Shane’s services are referred to as free. “O.A.C.” is an acronym for “on approved credit” and appears next to this statement as there are situations in which a transparent, fair, and highly competitive fee may be charged to clients who have severely poor credit, bruised credit history, no or irregular income, lack of records of income, or similar situations, there may be a highly competitive fee charged as obtaining an approval from a lender becomes more difficult and all major banks would decline the client. Shane understands the situation of these clients and does not seek to monetize on the already difficult situation many of these clients are currently in.
The vast majority of all of Shane’s clients receive free services without any hidden fees or costs payable to him or his team. However, in certain situations where a client has severely poor credit, bruised credit history, no or irregular income, lack of records of income, or similar situations, there may be a highly competitive fee charged as obtaining an approval from a lender becomes more difficult and all banks, credit unions, and trust companies would decline the client. In exchange for obtaining an approval with the best rate and terms and conditions possible, a transparent and low fee is charged and can often be included in the mortgage amount so that the client is not paying prior to receiving their mortgage funds. The exact fee is always discussed and agreed upon before any service starts and is never hidden or charged unannounced near the conclusion of service. Shane seeks to avoid his clients incurring this fee and reduces it where possible.
Shane and his team work with a vast array of mortgage lenders who offer a variety of unique mortgage products. As each client’s needs and financial situations are as unique as these products, it is difficult to provide a strict criterion in which a transparent, fair, and highly competitive fee may be charged. As such, a review of a client’s details is required prior to any determination being made in regards to a fee being charged. Many individuals will poor credit, bruised credit history, or irregular income are pleasantly surprised to find no fee is charged to them. Therefore, you are requested to apply now with Shane to get a more detailed understanding of how his service can work for you.
Any fee charged by Shane and his team for their service in obtaining approval for those who would normally be declined by most lenders is usually able to be included in your mortgage amount and is payable when the mortgage funding is provided. A small deposit beforehand may be requested in only the most difficult of situations and will not apply to almost all of those even charged a fee (which is an irregularity in itself). As such, you would not need to worry about having additional funds available to cover the costs of any transparent, fair, and highly competitive fee that you will be charged for the services of Shane and his team in very unique challenging situations.
While it is difficult to speak for all mortgage agents and brokers throughout Ontario, and there is no legislation in this precise area, nearly all agents and brokers will charge a fee for assisting clients with a low credit score, bruised credit history, or irregular income, amongst a wide variety of other circumstances. When choosing to work with Shane, you can trust that you are receiving an honest and fair service and that any fee charged will be transparently disclosed beforehand (giving you the option to decline without repercussion) and is highly competitive. Shane and his team always seek to make the mortgage financing process stress-free for his clients, no matter their credit score or history, income, etc.
Nearly all major banks will refuse entirely to deal with clients with poor credit, bruised credit history, irregular income, or in unique situations that make traditional mortgage financing even slightly difficult. Therefore, it is often not even an option to proceed with them for mortgage financing. This is why using a mortgage professional, like Shane and his team, is such a valuable experience for those with all sorts of financial situations and incomes as Shane will often be able to secure mortgage financing for those the banks will decline as he works with a wide variety of lenders nationwide, some of which work primarily with those who the banks and major lenders would decline. Shane will extensively search for a lender to work with you and endeavour to get you the best rates, terms, and conditions available for you in your current situation.
Absolutely. If after careful review of your unique needs and financial situation it is determined that your financing will be extensively more difficult and a transparent, fair, and highly-competitive fee is requested before the service proceeds, you can politely decline to move forward without repercussion. Shane seeks to provide his service with integrity, transparency, and fairness, and will never seek to have a client commit to any rates, terms or conditions, or fees that they are not entirely comfortable with.