There are two top questions mortgage brokers are asked: Do you work for a particular bank? How much does your service cost? The short answers are that mortgage brokers are not employed by a particular bank - they work for you, the borrower - and in most cases it won't cost you a dime!

        Mortgage brokers represent borrowers in the quest to find the best loan at the best rate. Unlike a bank employee, or a broker who is tied to a bank, mortgage brokers are not committed to any financial institution. This offers you the advantage of having someone peruse the entire loans market to compare the hundreds of mortgage products available, and assess their features, benefits, terms and rates to find the one that best fits your situation. Because loan procurement is a mortgage broker's main function, brokers are acutely aware of new loan products that enter the market on a daily basis - particularly specialized products for clients with specific needs. This could include self-employed borrowers, first-time borrowers or borrowers looking for a minimum down payment allowance.

        So, if you're not paying the broker to find you the best mortgage product for your needs, how do they earn their money? Well, once you choose your new loan, the lender usually pays the broker a direct commission. This is preferable for the lender as, even with the commission, they still save on their overhead compared to paying a full-time employee.

        You expect your bank to give you their best rate and product, but they can only negotiate with the products they offer. The best product for your needs might not exist at your bank. Talk about your loan requirements with a mortgage broker, and find the lender that accomodates your specific needs.