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How do mortgage brokers get paid?
– moneysense.ca
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obtain financing for a borrower to buy real estate from different sources. They can try to arrange the best deal, beyond just the interest rate, with banks, credit unions, trust companies and other lenders. By comparison, a mortgage specialist at a bank or similar financial institution may only be able to arrange a mortgage loan from that single institution.Â
Different provinces have different rules related to education and licensing requirements for brokers; beware there are also private lenders who are not subject to the same regulation.Â
A mortgage specialist at a bank, credit union or trust company may be paid a salary, bonus, or commissions for arranging mortgages. Most or all of their compensation tends to come from the volume of mortgages they facilitate…
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obtain financing for a borrower to buy real estate from different sources. They can try to arrange the best deal, beyond just the interest rate, with banks, credit unions, trust companies and other lenders. By comparison, a mortgage specialist at a bank or similar financial institution may only be able to arrange a mortgage loan from that single institution.Â
Different provinces have different rules related to education and licensing requirements for brokers; beware there are also private lenders who are not subject to the same regulation.Â
A mortgage specialist at a bank, credit union or trust company may be paid a salary, bonus, or commissions for arranging mortgages. Most or all of their compensation tends to come from the volume of mortgages they facilitate…
