Mortgage Brokers Mortgage Broker And Second Mortgage in Toronto | Page 12

K N OW WH AT YO U A R E GO I N G TO PAY
TO H I R E A B RO KER F O R S E C O ND
M O RT GAGE I N TO RO NTO
• Application Fee: Depending on how experienced or reputable your
mortgage broker is, you may have to pay some money to have your
application processed. The fee varies greatly between brokers and
lenders – it may also change if you are looking for second mortgage
in Toronto. Sometimes, the broker may waive the fee in order to
make their loan offers more attractive. In some cases, mortgage
brokers ask for an application fee to gain access to a credit report
and then process your application. Some brokers might include the
cost of the appraisal into the application fee. Therefore, you need to
ask your broker exactly what they are going to charge in terms of
application fee.
• Origination Fee: When you work with an experienced mortgage
broker, you have to pay a certain amount of money as an origination
fee. They work with the lender on your behalf, so they ask you to pay
some money to compensate their efforts. You usually do not have to
worry about the origination fee if you choose to work directly with a
lender. However, you do not want to pay more money as interest rate
to save some money for origination fee.