MONEY GLOBE XHousing Markets ยท Lesson 8
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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Educational information only - not financial advice.