How Much Does a Mortgage Broker Cost in BC?

Dean Garrett • March 2, 2026

It is one of the first questions people ask when they start thinking about working with a mortgage broker. The assumption is usually that expert advice comes with a price tag.


In most cases in BC, it does not. Here is exactly how the system works.


How Mortgage Brokers Get Paid

When a mortgage broker helps you secure a mortgage through a bank, credit union, or other institutional lender, the lender pays the broker a fee when your mortgage funds. This is called a finder's fee or origination fee, and it comes entirely from the lender's side of the transaction — not yours.


The fee is typically calculated as a percentage of the mortgage amount, usually somewhere between 0.5% and 1.2% depending on the lender, the mortgage type, and the term length. On a $500,000 mortgage, that might be $2,500 to $6,000 paid by the lender to the broker.

You do not pay this. It does not affect your mortgage rate. Lenders pay brokers because brokers bring them qualified borrowers consistently — it is cheaper for a lender to pay a referral fee than to run the full marketing and branch operation required to find those borrowers themselves.


Does Using a Broker Mean a Higher Rate?

No. This is a common and understandable misconception. Many people assume that because the lender is paying a fee to the broker, that fee must somehow be built into a higher rate for the borrower.


In practice, brokers often access rates equal to or better than posted bank rates. Large brokerages have significant volume with their lender partners, which gives them negotiating power. The competitive environment among lenders for broker-sourced business works in your favour.


When Does a Broker Fee Apply?

There are situations where a broker may charge a fee directly to the borrower. I will always tell you clearly if this is the case before we proceed with anything.


The most common situation is private lending. Private lenders do not pay the same commissions as institutional lenders, and arranging private mortgage financing typically involves both a lender fee and a broker fee paid by the borrower. These are disclosed upfront and are reasonable relative to the work involved and the solution being provided.


Some alternative lenders also have fee structures that result in a cost to the borrower. Again, I will outline this clearly before you commit to anything.


For standard purchases, refinances, renewals, and most other mortgage transactions through institutional or alternative lenders, my services are free to you.


What You Get at No Cost

When I work with you on a standard mortgage transaction, here is what that includes at no charge:

  • A review of your financial situation and mortgage goals
  • Comparison of options across multiple lenders
  • Pre-approval management and rate hold
  • Full mortgage application preparation and submission
  • Lender communication and negotiation
  • Condition management and document coordination
  • Strategic advice on mortgage structure and long-term planning
  • Ongoing support for as long as you have a mortgage


For clients interested in the Smith Manoeuvre, I also provide a free personalized analysis of whether the strategy makes sense for their situation. This involves reviewing their mortgage, income, equity position, and long-term goals, and modeling the potential outcomes. That analysis has real value and costs nothing.


The Real Question: What Does It Cost Not to Use a Broker?

I think about it this way. A homeowner who goes directly to their bank for a mortgage renewal gets one offer from one lender. A homeowner who works with an independent broker gets the full market compared in a single conversation, with someone negotiating on their behalf.

The difference in rate, terms, prepayment privileges, and mortgage structure over a 25-year amortization easily runs into the tens of thousands of dollars. That is the real cost of not using a broker.


I serve homeowners across Courtenay, Comox Valley, Campbell River, Nanaimo, and all of Vancouver Island. Book a free call and let's talk about your mortgage.



Book a free consultation or call (250) 218-4135.

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Dean Garrett

Mortgage Professional

How to Legally Assign a Construction Mortgage

By Dean Garrett • October 7, 2026
Why More Mortgage Options Matter—Especially for Assignment Purchases One of the biggest advantages of working with an independent mortgage professional is access to choice. Instead of being limited to one lender and one set of products, mortgage brokers work with multiple lenders—each with different guidelines, risk tolerances, and mortgage solutions. That flexibility becomes especially valuable when your situation doesn’t fit neatly into a “standard” box. A great example of this is purchasing new construction through an assignment contract . Why Assignment Purchases Can Be Challenging Assignment purchases are often viewed as higher risk by traditional lenders. Rather than declining these deals outright, many lenders quietly make them difficult by adding layers of conditions, restrictions, or uncertainty. This can lead to delays, frustration, or financing falling apart late in the process. The Good News There are lenders—available exclusively through the broker channel —that have clear, favourable policies for assignment purchases. With the right lender and proper planning, these transactions are absolutely doable. Typical Financing Requirements for Assignment Purchases While every situation is unique, many lenders that allow assignment financing look for the following: Standard purchase qualification, including income verification, credit, and down payment Assignments accepted at either the original purchase price or current market value Minimum 620 credit score , with no prior bankruptcies or consumer proposals The full down payment must come from the purchaser —seller incentives cannot be used Required Documentation To secure financing, lenders typically require: The original purchase agreement signed by all parties The MLS listing (if applicable) The assignment agreement signed by the builder, original purchaser, and new buyer Any side agreements outlining changes to the purchase price A full appraisal to confirm value This list isn’t exhaustive, but it highlights that while assignment purchases require more coordination, they are very achievable with the right lender and guidance. Final Thoughts Assignment contracts can open doors to great opportunities—but only if your financing supports the transaction. This is where access to multiple lenders and specialized policies makes a real difference. If you’re considering purchasing new construction through an assignment, or if you’d like to explore more traditional purchase options, feel free to connect anytime. I’d be happy to walk you through the mortgage products available and help you choose an option that doesn’t limit your financing possibilities.

Monthly vs. Biweekly Mortgage Payments: Which Is Better?

By Dean Garrett • September 30, 2026
How Mortgage Payment Frequency Affects What You Pay Over Time You’ve probably heard the saying that there are two certainties in life: death and taxes. When it comes to your mortgage, there’s really just one certainty—you’ll repay what you borrow, plus interest. What is flexible, though, is how often you make your mortgage payments. And that choice can have a meaningful impact on how quickly you pay down your mortgage and how much interest you pay over time. The Six Mortgage Payment Frequencies Most lenders offer the following payment options: Monthly – 12 payments per year Semi-monthly – 24 payments per year Bi-weekly – 26 payments per year Weekly – 52 payments per year Accelerated bi-weekly – 26 payments per year Accelerated weekly – 52 payments per year Standard Payment Frequencies The first four options are designed to align with how you get paid. For example: Paid monthly? Monthly mortgage payments may make sense. Paid every two weeks? Bi-weekly payments can align nicely with your cash flow. With these standard options, regardless of how often you pay, the total amount paid over the year is the same —it’s simply divided into more frequent payments. What Makes “Accelerated” Payments Different Accelerated payments work differently—and this is where the real savings happen. With accelerated bi-weekly or accelerated weekly payments, you’re paying a slightly higher amount each time. That extra money goes directly toward reducing your mortgage principal, which lowers the interest you’ll pay over the life of the mortgage. A Simple Example Let’s assume a $1,000 monthly mortgage payment: Monthly: $1,000 once per month = $12,000 per year Semi-monthly: $500 twice per month = $12,000 per year Bi-weekly: $1,000 × 12 ÷ 26 = $461.54 every two weeks = $12,000 per year Accelerated bi-weekly: $1,000 ÷ 2 = $500 every two weeks = $13,000 per year With accelerated bi-weekly payments, you effectively make two extra payments per year without having to think about it. Those extra payments reduce your principal faster, which lowers interest costs over time. Accelerated weekly payments work the same way—you just make smaller payments more frequently. Why This Matters Long Term While it’s difficult to calculate exact savings due to variables like interest rates, terms, and amortization changes, maintaining an accelerated payment schedule over the life of your mortgage can reduce your amortization by up to three years and save a significant amount of interest. The Bottom Line Accelerated payments are a simple, automatic way to lower your overall cost of borrowing—without needing to make lump-sum payments or drastically change your budget. If you’d like to see how different payment frequencies would impact your mortgage specifically, feel free to reach out anytime. I’d be happy to walk through the numbers with you and help you choose the option that fits your goals.