How does a mortgage broker get paid?
It is often thought that using a mortgage broker is going to cost more than going to the bank directly. This is not true, the bank or lender that you eventually choose pays the mortgage broker. Often the same commission that the person working in the bank would have earned. Let’s take the scenario of you walking into a bank, would that representative tell you that there is a cheaper or better product at another lender? That is where it is better to have me in your corner finding the best product for you, and a broker has access to the same rates that a bank does and can often negotiate a better rate than the banks are advertising.