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How Do MORTGAGE BROKERS Get Paid?

mortgage-broker

A common question a prospective client asks me is how are mortgage brokers get paid? Most people wonder this because they are still under the impression that Mortgage Brokers always charge fees. Do they charge fees? Sometimes. When would they need to do that? Usually when someone has bruised or poor credit or is struggling to get approved at a bank and needs extra help. The majority of the time mortgage brokers are paid directly by the lender and do not charge their clients fees. Is this a hidden cost? Never. Everything in this business is disclosed up front and agreed to by clients. A fee should never be a surprise to a client. If it is you should contact your mortgage broker and ask for proper disclosure.

 

In the market, however, some Mortgage Brokers do charge more than others when they do have to charge. It’s a supply and demand sort of thing. But if you think the fees your mortgage broker is charging is unwarranted its best to get a second opinion before they start. Always ask.

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