SARAH COLUCCI, MORTGAGE BROKER
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Mortgage Blog

How Do Mortgage Brokers Get Paid?

6/20/2020

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If you get mortgage financing with a prime lender, usually there will not be a broker fee involved. A prime lender often approves only those borrowers who have good credit and enough income to service the requested loan amount.  Examples of prime lenders are major banks, credit unions and monoline lenders. 

Your broker may charge a broker fee if you require an alternative loan or private loan. These types of lenders service borrower who either have bruised credit or a unique income situation or don’t fit the criteria of prime lenders. Unfortunately, there isn’t a standard fee that brokers charge with alternative and private loans since it depends on each file.

Why Is There A Broker Fee Payable For Alternative and Private Loans?

Not all brokers will charge a fee on alternative loans. However, in most cases, alternative and private lenders do not compensate brokers for the file they originated. Therefore, the fee becomes payable by the borrower.

If you have questions about broker fees, please call or write. 

Sarah A. Colucci
Mortgage Agent, Lic. M14000929
Mortgage Edge, Broker 10680 
Direct: (647) 773-4849

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Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Second Location: 
Tottenham, Ontario 

Head Office: 
15 Wertheim Court, Suite 210
Richmond Hill, Ontario 
L4B 3H7 

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Mortgage Edge, FSCO Lic. 10680

Telephone

Direct: 647-773-4849
​
Email: sarah.colucci@coluccimortgage.com
Picture
  • Home
  • ABOUT ME
  • Why Use A Mortgage Broker
  • APPLY ONLINE
  • PRODUCTS
    • BEAT THE BANKS
    • WHY INVEST IN REAL ESTATE
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • SELF-EMPLOYED MORTGAGES
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • PERSONAL LOANS
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE QUESTIONS
  • MORTGAGE DICTIONARY
  • MY LENDERS
  • MISSION
  • MORTGAGE NEWS
  • MULTIMEDIA & APPEARANCES
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • TESTIMONIALS
  • HOUSE HUNTING CHECKLIST
  • MORTGAGE WITH ME