A mortgage broker’s revenue is going to vary from individual to individual, company to company and sometimes it can range up to hundreds of thousands of dollars a year. Obviously, there is a substantial income difference in this business. Most mortgage brokers are going to make a commission off of the money that they know they can get from lending you money.
Mortgage Broker Commission
There are a lot of mortgage brokers out there and some will try to rip you off by their upfront fees. You have to be careful and find the top-tier brokers and then you should do research on each one to see what each one offers and if you feel comfortable with them Mortgage Advice Belfast. There are some very good full-service broker companies out there where you would not even have to contact them. They already have a large client base and have done all the contacting for you. All you would have to do is give them your information and they will put you in touch with a list of appropriate lenders. There are also other top-tier broker companies where you have to pay a fee for the privilege of dealing with them but you still get a nice list of potential lenders.
One of the main drawbacks to mortgage brokers is the fact that they are paid on a referral basis. This means that if you do not keep them happy, you can lose out on a lot of money because they will look for more clients and will charge higher commissions. Because brokers are paid on a commission advance basis, commissions can also be subject to manipulation. It is important for you to always check with your broker to see what their commission advance is and then make your decision based on this amount.