Article provided by: Diane Bertolin, Mortgage Agent in Association With Unimor Capital Corp.
Thinking about working with a mortgage broker in Burlington? You’re in the right place now! Working with a mortgage broker can be rewarding, but you have to choose the right one. Let us explain.
How Do Mortgage Brokers Get Paid?
Mortgage brokers are paid by the lenders. For example, if you submit your application for mortgage approval and we approve your file with a financial institution, we will receive a commission that is not charged to you in any way. It is the broker’s compensation from the lender.
The only situation where we’re going to charge a fee to our clients is when there’s a commercial mortgage involved or some type of alternative private financing where we’re is not being compensated by the lender.
However, with some alternative files, some mortgage brokers will charge a fee. It all comes down to how much work we’ve done or how much time and effort we’ve invested in your file. If we charge a fee to our client, it’s because theirs was not a case where they could easily get approved for a mortgage. These are cases where people usually have less-than-favorable credit scores, and lots of additional work is put into getting the client approved.
Most People Will Not Pay a Fee to their Mortgage Broker
If you are the type of borrower who could walk into any bank or credit union and get a mortgage, but you want to work with a mortgage broker in Burlington because you know that a mortgage broker can get you a better rate and deal, then there are not going to be any fees for you. This is important because a lot of borrowers falsely believe that they will have to pay an additional fee for using the services of a mortgage broker.
Do Mortgage Brokers Submit Applications to the Lenders Who Pay the Most?
When it comes to the compensation models between financial institutions and mortgage brokers, there are different types and different amounts of commissions. It is important that you don’t work with a mortgage broker who is only concerned with how much money they are getting from the financial institution. Why?
Let’s imagine that there are three different lenders your mortgage broker could submit your application to. Maybe one of them would have given you a much better rate, but the mortgage broker doesn’t want to send your application to them because they don’t compensate mortgage brokers as much as other lenders do. Obviously, you, the consumer, might lose out. Sadly, this does happen, and this is exactly why you need to work with a mortgage broker in Burlington who has integrity and is reputable.
Diane Bertolin is an Honest Mortgage Broker Burlington
With Diane Bertolin of UCC, we stay in business and attract more clients from doing what’s in the best interest of our clients. We’re not going to just submit your application to a lender because they pay their brokers more. Your satisfaction is our success. Our goal is to get you the best deal even if the lender pays less to its brokers.
UCC brokers provide transparent services. You don’t have to worry about being sold out.