Q: How can a mortgage broker get a better rate than my own bank or credit union?
Many mortgage lenders deal exclusively through the brokerage network. In fact many mortgage lenders ONLY do mortgages and steer clear of the riskier side of the lending business. Mortgage lenders that deal exclusively through the brokerage network do not have expensive real estate and salaried employees in every city and town. Instead, they deal with mortgage brokers and agents that only get paid when they place a mortgage. This keeps overhead low which allows them to offer better rates.
Q: Is there a fee for your services?
There is no fee for our regular residential mortgage services. We are paid by the lender as mentioned in the previous Q and A. Fees apply to commercial mortgages, and to private lender residential mortgages. When someone does not qualify for a traditional residential mortgage, we have private lenders that may be interested in providing a mortgage. In these cases, there will be fees, however, they will discussed up front. You will never be surprised by an agent fee you were not expecting.