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What is the difference between a mortgage broker and a bank?

Mortgage brokers save borrowers time and can shop their loans around to multiple lenders. Whereas a bank may offer relationship pricing and lower closing costs to reward you for being a customer. When applying for a mortgage, there are many opportunities to reduce your closing costs by negotiating or shopping the services around.

Are mortgage brokers free?

Mortgage brokers aren’t free. Mortgage broker fees typically range from 1% to 2% of the mortgage. You also need to consider who pays the broker’s fee. While many mortgage brokers receive payment from the lender, some charge sizable fees to the borrower for arranging the loan, which you pay as a closing cost.

How much does a mortgage broker cost?

Lower fees: Mortgage broker’s fees are typically 1% to 2% of the total loan amount. While some lenders will pay the mortgage broker’s fees, this is usually rolled into the loan amount or increased interest rates. Working directly with a bank can result in lower total fees.

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