How Much Do Mortgage Brokers Actually Make In Canada?

It is a common misconception that mortgage brokers make big money, but it isn't necessarily true. There are a lot of expenses that come along with being a mortgage broker. The main two are marketing expenses and general business expenses that take up half of a brokers income right out of the gate. In this video I discuss how much mortgage brokers actually make, and how that effects the interest rate that you pay.

The presenter has taken great care in preparing
this video, however makes no representations or warranties with
respect to the accuracy or completeness of its content. The contents
of this video should not be considered a substitute for
professional financial advice. Please consult a financial professional
before implementing any of the strategies described in
this video. The presenter shall not be held liable
for any loss of profit or any other financial damages, including
but not limited to special, consequential, incidental, or other
damages.

[robertnorth]

I love the transparency and the appeal to stop the 'race to the bottom' mentality. Too many people spend too much time thinking they deserve $100/hr and everyone else deserves $10/hr. We need to collectively value each others' time and effort more. Have looked at a number of your posts from credit scores to fixed vs variable and, despite having a pretty good handle on many financial items, I always find an extra tidbit or two of knowledge. Keep up the good work.

[NickPeitsch]

I think that $88k is after fees. No way the average mortgage broker makes $40k per year (less than a McDonald’s worker)

[gregr]

Loving the transparency Nolan. You really broke everything down nicely!

[TheDoingDoingDoing]

cant you work for a brokerage and not have to market yourself (i.e. they feed your clients)?

[luhflame]

Hey Nolan I’m 22 and from Alberta. Could really use some advice getting into this space because there doesn’t seem to be much guidance. Any bit of your time and knowledge would help a ton!

[ronpanaligan]

Thanks for the transparency!
Does this pay structure apply to the big bank?
For example, if my financial advisor/planner were to reduce the rates on top of the discounted rates, will his commission go lower?
Or are they on salary where it doesn't matter?

[denverd]

Hi quick question.
Banks pays better than brokerage to mortgage agents commission wise????
I m little confused about it... please can you clarify. Thanks

[saiquality]

Hey Nolan, I've seen non-bank lending companies providing very low interest rate. Is it good to go with bank mortgage broker or independent mortgage specialists ?

[Lj]

Totally wrong. These numbers are way too conservative. Especially in last 2017 and up. Market took off. Avg mortgage is 700-1M per household. So how are mortgage agents making mere $82k?

[KS-qylt]

A 0.1% difference in my mortgage equates to around $600/year. You multiply that by 5 years, and you are looking at 3k of savings. I am sure it hurts to lose 50% of the commission, but like in any deals, I have to watch out for myself and my family. Currently, I have a friend of a friend that offered me 1.4% variable 5 years which I was happy to deal with, but one of the banks that I contacted called me and offered me a 1.29% variable 5 years. Would like to know if 1.29% is indeed possible right now (I heard that anything above 1% is the break-even point for a bank)

[Lj]

Why can’t you show us your actual transactions rather just playing it down here. ? Most mortgage brokers I know live on brand new bigger homes drive European luxury suvs. I don’t think $82k can afford them that.

[smikla]

Amazing content as always, super clear, entertaining and educational.

[marivicmaniego]

Hi can u guide me how can i buy a investment property thanks

[normamascarinasvlog]

hi thanks for your video, do you think is okay to have 2 mortgage broker working for you? have this broker helping me for house purchases but I have another mortgage broker who's nice and more sincere? wld you consider two mortgage broker ? :-)

[boki]

Is it possible to be a mortgage agent/broker part time or is that generally discouraged?

[kylemackenzie]

Hi, my name is Tanner Crocket. Im a sucsessful mortgage broker, im 35 years old, i eat a salad and a baked potato from wendies because im too proffesional to bring my lunch to work. I tend to go after blonde 18 year olds and pay thier bills buy them a nice car. Just as long as big Tanner gets something out of it. I go for a 5 km jog every morning before work have a personal trainer over priced and buy all kinds of workout suppliments. 16 year old girls are ok as long as i can spend a bunch of money on them while i wear a 700$ suit. I drive a bmw and a hummer. I steal peoples girlfriends at the bar but i CERTAINLY dont fight. I let out power farts on homless people just to let them know they need a job

[jason-ubqz]

Why you spread disappointment in people