In our lives, we all come to a point where we need some extra cash for items such as housing and vehicles and we don’t have that cash on hand. In those cases, we need to borrow some funds from an institution. This practice is popular all over the world, and currently, there are so many options that it can be difficult to know which type of mortgage we need to take. When we don’t know what to do, we turn to professionals, and loan officers are people who arrange the funds and agreements between lenders and borrowers. Unfortunately, there are professionals who are not honest with their clients and they want to take as much money as possible from them. Here, we are going to list some signs that your mortgage broker is ripping you off, and we will tell you how to protect yourself from this.

1. They add additional fees

The way this process works is you find a loan officer that helps you find the right lender and they try to help you the best type of mortgage for your specific case. These professionals are usually commission and interest-based, and they get a percentage from your loan. Nevertheless, they also add fees for their time, effort, and research, and this is completely normal. However, if you notice that the person you are collaborating with is adding fees constantly and if they change the agreement as you go, they might be trying to rip you off.

2. They try to force you into getting a loan you cannot afford

When people work on a percentage, they want to help their clients get as big funding as possible, so that they can earn more cash. It is better for them for you to get approved for a 50-thousand-dollar loan, than for 10 thousand dollars one.


However, just because you are able to get bigger funding does not mean you need it. On the same note, they need to help you get a loan that you can pay back and afford. If you notice that the loan officer is trying to push you into applying for more money than you can pay back, or getting a loan that you don’t need, they may be trying to scam you and get more money from you. Be careful about this, and even if you trust them, check to see if you can pay the monthly fee and if you can actually pay the mortgage back without getting in huge debt.

3. They promise you that you are going to get approved

There is never a 100 percent chance that you are going to get approved for the mortgage you need, and even if you are a good client and even if you check every single thing on the list, the lender may just choose not to give you the funds you need. If you are collaborating with a person who is saying that they can help you get any home loan you may need, chances are, they are scamming you. They may force or push you to apply for different fundings, they will charge you for all of them, and in the end, you may not get approved for any of those.

Know that a licensed and honest service will help you get the best for you, but they won’t tell you stories and promise things that are not possible. If you are interested in Canadian Mortgage Services and if you want to know how they can help you without ripping you off, check out

4. They want you to pay them before the job is done

As you already know, the brokers will get a commission from you depending on the type of loan you get. The more money you borrow, and the better deal they make for you, the more they are going to get at the end of the process.


In some cases, you may need to pay some small sum for the process to begin, but if you notice that your mortgage broker is trying to get thousands out of you, no matter if they are asking for that money at once or in different stages, chances are, they are ripping you off.

5. They don’t have a license

There are some cases when a loan officers will try to portray themselves as qualified and licensed and they will try to charge you even before they start helping you. These people are scammers and they don’t represent the actual brokers, however, they do exist. Before hiring anyone, you need to check if they have the needed permits, and you need to check if they have successful cases and satisfied clients. If you notice a red flag about their work or reputation, look for someone else.

However, majority of fast money lenders have the licences so you need to do the research first.

6. They push you into applying for funding that is not suitable for you

As we mentioned at the beginning, there are many different types of funding, and not every candidate is suitable for all funding, and at the same time, not every plan fits every client. You need to find a type of loan that works for you, and you need to be approved for it. When we try to get approved for loans that are not good for us, we will end up wasting time and ultimately money. If you notice that your loan officer is trying to get you to apply for funding that is not a good match for your case, chances are, they are trying to get money off of you for things that won’t work and they are trying to make you pay them far more than you actually need to.


Pay attention to these signs, and if you notice any of them, try to get out of the deal as fast as you can. Don’t be afraid to ask questions and to be involved in every step of the process, and always compare prices and know what to expect. Even though not every loan officer will try to rip you off, there are some that look reliable but will try to scam you. Know what you are getting yourself into, do your research, ask for references, and be on top of your case, no matter how much you trust the professional.