As a mortgage broker does not work for the bank, you may wonder how does a mortgage broker get paid or if you have to pay them. Fortunately a mortgage brokers service is typically free to you. Similar to when you buy a home and use a real estate agent and the seller typically pays for your agent. When you get a mortgage with a mortgage broker, the lender pays the mortgage broker. With that, they are free to you.
A mortgage broker can find you the best mortgage rates upfront and at no cost, just like booking a trip on Expedia means savings upfront and a free service.
If there is ever a time where a mortgage broker charges a fee, the fee is disclosed to you upfront and you need to sign a form agreeing to the fee. That assures there are no hidden fees. Times a fee may arise are with alternative and private lending, construction mortgages and so on.
Contact me anytime to learn more about what a mortgage broker does and how a mortgage broker gets paid.