Are there any fees involved with a mortgage advisor/consultant?
A – In most instances, there are no fees involved as the advisor is compensated from the lending institution. There is the odd occasion where a client has bruised credit, poor job stability or minimal down payment and whereby the file doesn’t fit the typical A-type lending. In the instance where this type of mortgage becomes difficult to place, a fee for service (broker fee) may be charged. This fee will be disclosed up front, so if you are not satisfied with this amount, you do not have to proceed with the transaction. Always ask for this to be disclosed up front, so you know what you are dealing with.
