What is a reasonable mortgage broker fee?

A reasonable mortgage broker fee, often referred to as a procuration fee, typically hovers around 0.35% of the total mortgage amount. However, it's important to note that some brokers, particularly those who operate on a commission basis, may impose additional charges. These could manifest as an upfront flat fee for initiating their services, which is intended to cover the initial work involved in finding suitable mortgage options for you. In some cases, this fee may be refundable, meaning that if the broker is unable to secure a mortgage for you, they will return the fee. It's crucial for borrowers to thoroughly discuss and understand the fee structure with their broker before proceeding, as this can vary significantly between different brokers and can impact the overall cost of obtaining a mortgage.