Hi all, I have been in Edmonton for the last 3 years. I am working in a private firm here. I was thinking of buying a home. For that, I am going to consult some mortgage brokers, as I don't have much idea about the procedures behind the mortgage application. My friend told me that the mortgage rates will be different with different money lenders. So we have to do a research on mortgage rates comparison in Edmonton to get the best rate.
I researched about the mortgage plans, down payment and other documents needed to get the mortgage approved. I think it is a time-consuming procedure. If I consult some mortgage brokers to do all this, how much will I have to pay them after mortgage approval? I have one more query about this. In my research, I found that the interest rate provided by brokers is less than other money lending firms. So how will they get profit from this? I am expecting your replies