Fees and compensation
Understand mortgage broker fees, lender charges and closing costs in BC. Prepare questions about payment timing, refunds and the total cost of your financing.
Direct answer
Mortgage costs can include interest, lender or broker charges, appraisal, legal work, registration and discharge expenses. The applicable costs depend on the financing arrangement. Ask for a written breakdown naming who receives each payment, who pays it and when it becomes due.
Ask whether the broker is compensated by the lender, by you, or through another disclosed arrangement for this transaction. Do not assume all products have the same fee structure. Third-party costs may remain payable even when no separate broker fee applies.
Before paying an application, appraisal or commitment-related amount, ask whether it is refundable and what happens if the lender declines, the purchase does not complete or you choose another offer. Confirm which services are included in the quoted amount.
A down payment is only one part of the closing budget. Request estimates for applicable taxes, legal fees, adjustments, insurance and financing charges. For a refinance, calculate the net funds available after repaying existing debt and paying transaction costs.
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Next step
Share high-level property, timing and financing details. Sensitive financial documents should move through an approved secure workflow later if required.