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So, you need a mortgage. Who should you go to? Your first instinct is might be to head down to the local branch of your bank- a decision you might want to reconsider. Regardless of what previous notions you have about mortgage brokers, it’s important that you understand you have options before blindly walking into a deal with your bank. Even with the history that you have with your bank, they are only able to provide you with their own mortgage solutions, meaning you may be missing out on options that fit you better. You are also left to negotiate and make decisions on your own, regardless of if you have any understanding of the industry. A qualified and dedicated mortgage broker can make the difference when it comes to both rate and quality of experience; two things that you need when you’re making a deal that comes with a 25-year contract.

What do Mortgage Brokers do?

In Alberta, a mortgage broker is a licenced professional who has completed a certain amount of training and testing so that they are deemed as qualified by the Real Estate Council of Alberta (RECA). They may work independently or under a brokerage that offers them supplementary resources so that they can better meet the needs of their clients. A mortgage broker’s job is to find the best mortgage option for you based on your information. Their job isn’t to choose one option and push it on you. A good broker will ensure that you are educated on your options and provide you with one or more choices that meet your financial needs and priorities. It is important to note that mortgage brokers do not actually provide the funding for your mortgage. They match you with the best product from a lender through which they have access. Not all mortgage brokers have access to the same lenders, so make sure you go with a broker that has access to a large portfolio of lenders so that you know all your options are being explored..

How do Mortgage Brokers get paid?

The majority of the time, using a mortgage broker won’t cost you a dime. Usually a mortgage broker will get paid a commission or ‘finder’s fee’ by the lender who is used to close the deal. The commission received by the broker is typically 1% of the loan amount. Because these rates are fairly standard across lenders, there usually isn’t too much incentive to forgo a lender that offers a superior product to get a slightly higher commission. A good mortgage broker knows that keeping the homeowner happy with the best mortgage and service is a much better investment and a great way to create a relationship for years to come.

If you have faced major credit disruptions or financial challenges in the past and are required to use a private lender, there are some situations where an additional fee is charged, but this is only in certain circumstances.

When do Mortgage Brokers get paid?

A mortgage broker only gets paid after a deal has closed and the homebuyer/owner is guaranteed the financing they need. This means that you will not run the risk of having a mortgage broker ‘drop’ you mid deal.

How to find a good Mortgage Broker?

It’s good to do your research to make sure that the broker you plan to use is reputable, experienced, has access to a wide range of products and will prioritize getting you closer to your financial goals. Checking their reviews and ratings through Facebook and Google is a great way to see what their previous clients are saying.

As one of Calgary’s most experienced mortgage brokers, you can be certain that you will be receiving the best care- and mortgage- possible with Tim Lacroix. Because Tim and Kardia Mortgage is backed by Dominion Lending Centers, he has access to over 230 lenders, you know that no stone will be left unturned.


With an emphasis on education and providing options that fit your financial situation, you can own your home with confidence by working with Tim Lacroix