How Does a Utah County Mortgage Broker Get
Paid?
As for compensation, mortgage brokers in
Utah County make most of their money by marking up the costs
on the loan the wholesale lender is offering. This may get
passed on to you in the form of points (one point is 1% of
the loan value), processing fees, or a higher interest rate
on the mortgage you’re getting.
It is like anything else. The gas station marks up the cost
of gas from their supplier. The trick here is to be smart
and compare rates just like one would compare the price of
gas. It is very important to consider the lenders service.
Gas is gas, but lenders and service can vary greatly.
Although the broker’s commission ultimately
comes out of your pocket, a savvy borrower can negotiate
down a fee that seems excessively high. Of course, a good
mortgage broker should be able to save you the equivalent of
his or her earnings and then some, by finding you a more
affordable mortgage than you could locate on your own. Ask
Paul Teasdale with Team Teasdale Realty to recommend a few
good lenders for you to interview.
Mapleton Utah Bank Foreclosures
