Housing Markets · Lesson 9

Choosing a mortgage broker

Broker or bank, how they are paid and what to ask

Members

In this lesson

Understand what a mortgage broker does, how they are paid, how to check their licence and what to ask before you choose.

Key takeaways

A broker compares several lenders; a bank offers its own mortgages.
Brokers are usually paid by the lender; any fee you pay must be disclosed up front.
Check the licence: provincial regulator (Canada), NMLS (USA), FCA (UK), ASIC (Australia).
Compare the total cost - fees, term, prepayment and penalties - not just the rate.

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