Everything
You Wanted To Know
About A Mortgage Broker
But Were Afraid To Ask!
What
do mortgage brokers do?
Simply,
we could be called 'match makers'. We match up the specific attributes
of the borrower and the borrowers security offered with the lender
who's lending criteria will accept those attributes and security.
Who
should use a mortgage broker?
We
believe every mortgage transaction ever completed would benefit
by our involvement. Experience indicates that in our complex financial
world, a borrower receives a far superior mortgage package, including
rates, terms and privileges, when dealing through a specialist
in the industry. In addition, a lenders workload can also be substantially
reduced.
How
do you get paid for your services?
A
number of financial institutions will pay a finders fee for mortgage
referrals. When we receive a finders fee from the lender, that
usually constitutes payment for our services. In other cases,
we advise the borrower in advance of their responsibility for
payment.
How
much do you earn?
Generally,
we expect to earn a modest commission of up to 1% of the mortgage
amount. A minimum charge of $250.00 is collected for a relatively
straight forward transaction if no finders fee applies.
When
do you collect your fee?
Only
on closing, when funds are disbursed by the solicitor on transactions
where the mortgage amount is under $200,000.
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