Posted by Shawn on April 05, 2000 at 23:27:42:
Yes generally we do charge higher fees. But they are negotionable. Most Mortgage Brokers fees come in the form of origination and discount points just the same with any other lender. The Broker gets a wholesale rate (which is not usually much different than the rate given to the customer) then sales that rate to the customer. The best thing to do is play one broker against the other. Make them commit to the same loan then bargain with the fees. We don’t like that but making some money is usually better than making none. But realize that we are in the business of making money so their will be a fee. Also the loan officers that have been in the business for a long time may just let you go to the other broker. Don’t spend to much time hasseling because the loan officer just may stick you with a higher rate which will cost you more than a extra $1000 in fees. The best reason to use a broker is because they have access to much more programs than the average bank and are more creative when it comes to financing. I hope this information was helpful.