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Updated about 7 years ago, 10/29/2017
Does the Mortgage Broker in Ontario have right to ask to pay fee?
Hi Everyone,
I'm trying to getting conventional mortgage through Mortgage broker(Unimor Capital Brokerage) in Windsor Ontario Canada for 168,500 valued duplex, in first meeting he said there will be a small fee(he didn't specify % or amount), atm didn't paid much attention to it, and I provided all the documents he asked for, 2 weeks later I got a call from him saying I got approved and I need to bring 5900$ Broker fee and sign the document, I asked why 5900 for ? he said it's the small fee I mentioned to you when we meet, I was in shock and I said I need to verify and I will call him back. After 10 or 20mins later he call me and said that 5900 includes all hst/laywer fee/appraisal, I asked him what's the % he charge as fee, he didn't gave me any number just said 5900 - laywer fee, all hst & appraisal is my fee, still I had so many questions in my mind so I said I need to verify. Again, I got a call back from him after few mins saying I spoke to lawyer& RE agent they said that I don't have to pay him lawyer fee so come with (5900 - lawyer fee).
I'm wondering about the process involved in getting conventional loan through a brokerage who change fee, Is't legal to charge broker fee before closing?? or is this guy planing tricks?
Thanks