Question by Ronald B: I’m refinancing my mortgage. How much will the mortgage broker make on my loan in addition to closing costs?
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!
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
“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.
The broker will make a percentage of the origination, mortgage broker fee ( if charged ) and ysp if any.