What type of range does one usually find for mortgage broker's commissions?
What type of range does one usually find for mortgage broker's
commissions?
It seems that around here (bay area in California), 1 point is
fairly common, though there are many who charge more and a few
who charge slightly less (e.g. 0.875 point).
Note that in cases where a no-point loan are involved, the lender
is actually making it at negative points to pay the commission
(and closing costs, if the loan is also no-fee). This comes with
a higher rate than a loan with points.
- Regardless of the points charged, the brokerage firm is making at
least $2k, and on any ordinary loan will probably be very pleased
with $3k, but some of course will make $4k if they see a chance.
This money comes from a combination of two sou