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  1. #1
    Join Date
    Mar 2005
    Posts
    2

    Question Mortgage Broker Fee, How much?

    How much does a mortgage broker usually charge? I'm in New York and am trying to work with this broker, but I want to know what I should expect his charge to be. Thanks.

    Ray

  2. #2
    Join Date
    Mar 2005
    Posts
    2

    Default Re: Mortgage Broker Fee, How much?

    P.S. It's on a 575k loan

  3. #3
    Join Date
    Nov 2004
    Location
    Richmond, VA
    Posts
    273

    Default Re: Mortgage Broker Fee, How much?

    I usually see one point, if you are working with a broker. It's cheaper to go right to a bank, but then you don't get the product selection.

    The catch is that the broker usually has "processing fees" at closing, and then the mortgage company usually has additional "Loan origination fees" that add up, and you don't usually see the end numbers until closing.

  4. #4
    Join Date
    Mar 2005
    Posts
    6

    Default Re: Mortgage Broker Fee, How much?

    I disagree about mortgage brokers! First and formost with that type of a loan amount it would be real easy to close without any out of pocket expenses, by using the yeild spread primium to cover the title, escrow, etc. fees. Brokers are far more competitive then any bank out there and offer a wider selection of products. We also are offered interest rates at a whole sale level, were banks offer them at a retail about a .50-.375 difference higher then a broker. Also if you want personalized service you go to a mortgage broker, if you want a 800 to call for updates you go to a bank. The question is far to broad for a direct responce, but if you qualify for a bank loan, a good mortgage broker is your best bet. Seasoned borrowers go first to a reputable broker. It does not hurt to shop around though.

  5. #5
    Join Date
    Dec 2004
    Posts
    1,740

    Default Re: Mortgage Broker Fee, How much?

    I'm with havos on this one. A good broker will always beat the banks on a mid to large loan. The easiest way to find out is to talk to a broker and ask what to expect.
    The Suburban House Hunters Team would like to thank REW members for past referrals! We are never to busy to handle your Chicago area referrals.

    Always looking for quality unique content for our real estate agent blog, PM me if interested in writing a post.

    My thoughts on the Sarasota Association of REALTORS actions.

  6. #6
    Join Date
    Jun 2005
    Posts
    5

    Default Re: Mortgage Broker Fee, How much?

    I am a broker and a Bank AE, go with the bank and if you have accounts with them they'll treat you better... If you bank with BOA call me 786-4575727, I can help with the loan

  7. #7
    Join Date
    Aug 2005
    Posts
    2

    Default Re: Mortgage Broker Fee, How much?

    I also agree with Havos on this one. As a consultant there are more options to provide to clients.

    Eddie Lake
    Commercial Financing Consultant
    407-970-1295

  8. #8
    Join Date
    Mar 2006
    Location
    Mesa, AZ
    Posts
    13

    Default Re: Mortgage Broker Fee, How much?

    Banks cannot compete with brokers. On HELOC's yes, everything else, not even close. If you were to go to Bank of America and get a loan you would pay 1/2 point higher in rate and much higher closing costs than we as brokers would be able to give you through that same banks wholesale division.
    Robert Blackburn
    www.morganfncl.com

  9. #9
    Join Date
    Mar 2005
    Posts
    689

    Default Re: Mortgage Broker Fee, How much?

    Is it just me or are more mortgage guys on these forums lately?

  10. #10
    Join Date
    Mar 2006
    Location
    Mesa, AZ
    Posts
    13

    Default Re: Mortgage Broker Fee, How much?

    That's not necessarily a bad thing. I know I wouldn't want to take financial advice from a realtor. Now, if I wanted a babysitter or someone to show me the pretty countertops and shiny toilets, you might come in handy.
    Robert Blackburn
    www.morganfncl.com

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