What does a mortgage broker cost in Nova Scotia?
Search this question and you get broker salary surveys from job sites. That is not what anyone is asking. The question is what it will cost you — and the answer, backed by the regulations that govern brokers in this province, is short.
What does a mortgage broker cost in Nova Scotia?
Nothing, in most cases. On standard residential mortgages in Nova Scotia the lender pays the brokerage a finder’s fee when the mortgage funds, so the borrower pays $0. Fees apply only on private and some alternative-lender mortgages, and under Nova Scotia regulation must be disclosed in writing before you sign and cannot be collected until the lender has confirmed funding in writing.
How brokers are actually paid
A bank pays a mortgage specialist a salary and commission to bring in mortgages. A broker channel replaces that: the lender pays the brokerage a finder’s fee, expressed in basis points of the mortgage amount, once the mortgage funds. The lender budgets it as a cost of acquisition. It is not added to your interest rate, not added to your balance, and not billed to you. The amount and the lender are set out in the disclosure documents you receive, so there is no mystery about who is paying whom.
That structure is also why a broker can be indifferent between lenders in a way a branch cannot. Riley is paid whether the mortgage lands at a bank, a credit union or a monoline lender, so the placement decision is about which lender says yes on the best terms for your file — not about which product the employer needs to sell this quarter.
When a fee does apply
Private lenders and some alternative (B) lenders do not pay finder’s fees, or pay reduced ones. On those files a borrower-paid brokerage fee is normal, and the lender itself usually charges a lender fee. Typical situations: a bruised-credit file that no A-lender will take this year; a bridge loan for a few months; a construction loan a bank will not fund; a self-employed borrower whose declared income is too low for a bank. In every one of those cases you will see the fee in writing before anything is done, and the honest comparison is always against the alternative — which is often no mortgage at all, or a higher-cost one.
What Nova Scotia regulation requires
Three rules that protect you
- Disclosure before services. Under section 7 of the Mortgage Regulation Act General Disclosure Regulations, a brokerage must give you a completed Form 1 — Mortgage Brokerage Disclosure before providing any services, and must keep a copy you have signed and dated.
- No advance fees. Under section 22 of the Standards of Conduct for Mortgage Brokerages Regulations, a brokerage must not charge or collect a fee from a borrower until the lender has provided written confirmation to fund, the borrower has accepted the commitment in writing, and a copy of the signed commitment has been provided. The exception is reimbursing actual third-party costs — credit reports, registration, courier, appraisal — under a written agreement made beforehand.
- Licensed names and numbers. Section 6 requires the brokerage’s licensed name and licence number to be clearly and prominently displayed on all written material, and section 5 requires any named individual to be identified under the name on their licence with the title “associate mortgage broker” or “mortgage broker”. You can check ours against the public register.
What you are getting for $0
- A read of your file against the lending guidelines of the banks, credit unions and monoline lenders that operate in Nova Scotia — before any credit is pulled.
- One application, one credit inquiry, placed with the lender most likely to approve it on the best terms.
- The Nova Scotia specifics handled: deed transfer tax in your municipality, which provincial first-time buyer program you fit, rural property conditions, seasonal income averaging.
- Someone who is paid only if the mortgage funds, and paid the same by any A-lender, sitting on your side of the table at renewal as well as at purchase.
How to verify a broker’s licence
Every Nova Scotia mortgage broker, associate broker and brokerage appears on the province’s public register. Look for the name exactly as licensed, the licence number, the brokerage, and an “Active” status. All Nova Scotia mortgage licences expire on 31 October each year and are renewed. Riley Oickle is licensed as an associate mortgage broker, licence 2025-3001134, with INDI THE INDEPENDENT MORTGAGE COMPANY LTD., brokerage licence 2025-3000688. Both are on the licensing page with links to the register.
Questions people ask
Do mortgage brokers charge fees in Nova Scotia?
Not on standard residential mortgages with banks, credit unions and monoline lenders — the lender pays the brokerage a finder’s fee when the mortgage funds, and the borrower pays nothing. A borrower fee can apply on private and some alternative-lender mortgages. If one applies, Nova Scotia regulation requires it to be disclosed in writing before any services are provided.
Is a broker’s rate higher because the lender pays them?
No. The finder’s fee is a cost of acquisition the lender budgets for instead of paying a branch salesforce; broker-channel rates are set by the same lenders and are often equal to or lower than branch rates because brokers place volume. Where a broker buys the rate down further, it comes out of the finder’s fee, not out of your pocket.
When can a broker collect a fee from me?
Under section 22 of the Standards of Conduct for Mortgage Brokerages Regulations, not until the lender has provided written confirmation it will fund the mortgage, you have accepted the commitment in writing, and you have a copy of the signed commitment. The only exception is reimbursing actual third-party costs — a credit report or an appraisal — under a written agreement you signed beforehand.
What is Form 1 and why do I sign it?
Form 1 — Mortgage Brokerage Disclosure is the document a Nova Scotia brokerage must give you, and you must sign, before it provides any services. It sets out who the brokerage acts for and how it is compensated. It protects you: it puts the fee position in writing before anyone has done any work.
What does a mortgage broker earn on my mortgage?
Lenders pay the brokerage a finder’s fee expressed in basis points of the mortgage amount; the exact figure varies by lender, product and term and is set out in the disclosure you receive. It is paid by the lender at funding, is not added to your rate or balance, and is disclosed to you in writing.
Does it cost anything to get pre-approved?
No. A pre-approval, the document review, the lender placement and the advice are all covered by the lender’s finder’s fee if and when a mortgage funds. If nothing funds, you owe nothing.
See how we get paid — in writing — before you commit to anything
The Form 1 disclosure comes first, the pre-approval second. Send your details and you will have both within a business day.