Q&A: I’m refinancing my mortgage. How much will the mortgage broker make on my loan in addition to closing costs?

Question by Ronald B: I’m refinancing my mortgage. How much will the mortgage broker make on my loan in addition to closing costs?

Best answer:

Answer by J A
It depends but ranges from $ 1500 on up (depending on the size of the mortgage).

A mortgage broker doesn’t really save you anything, and in fact could cost you more than a dealing directly with the lender.

What do you think? Answer below!

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3 Responses to Q&A: I’m refinancing my mortgage. How much will the mortgage broker make on my loan in addition to closing costs?

  1. kemperk says:

    while MBs’ cost more, they can find better deals than any single
    bank can offer.

    in some cases, when bank #1 says no, the broker can
    find a bank that will say yes

  2. primericaisbad says:

    “A mortgage broker doesn’t really save you anything, and in fact could cost you more than a dealing directly with the lender.”

    This is downright wrong. Most of the time, a mortgage broker can take you to any bank in town with lower rates and closing costs.

    What’s your concern as to what he makes? Shop around and see if there’s a better deal.

  3. Noneya says:

    The broker will make a percentage of the origination, mortgage broker fee ( if charged ) and ysp if any.

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