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How Does
Mortgage Broker Get Paid?
In mortgage industry brokers are an integral part of equation to get best value for your money. I am middleman between customer and lender. Mortgage lenders compensate mortgage brokers for completing a large portion of work. When a mortgage broker markets and originates loan lenders only have to deal with basic negotiations that involve an educated party (the broker), approval process, and execution of loan. The cost for banks and mortgage companies do not differ.
Compare a Mortgage Broker to a Buyer’s Agent
A mortgage broker is like a buyer’s agent for your mortgage.
A buyer’s agent represents home shopper’s best interest. The agent is an educated real estate professional dedicated to representing only purchaser. With this representation homebuyer can save money and have better deals negotiated. As a mortgage broker, I negotiate term of a loan with only my customer’s individual needs and desires in mind. As a consumer it can be difficult to find advisors and representatives completely committed to your best interests. A mortgage broker is key to uncovering all possibilities and securing best mortgage rates you can find. Be sure to choose wisely and you can reach your highest home investment potential.
Kevin Onizuk has been in the mortgage business since 1994 and co-founded Breakwater Mortgage in 2003. His background covers many aspects of lending. Breakwater Mortgage has one office in Virginia Beach and two offices in Williamsburg, Virginia. Kevin Onizuk and the Breakwater Mortgage team are dedicated to providing the highest level of service available in the mortgage industry.
