Mortgage Broker Fees

A mortgage broker is an independent mortgage professional. They can be very valuable as they have access to tons of loan programs that are not offered directly to the public. These are known as wholesale loans, and can be a very good deal compared to what a retail lender is offering you. Mortgage brokers obviously need to be paid and they are. The fee is paid by the lender when the loan is approved. If a mortgage broker tries to charge you a fee for representing you, drop then. This does not apply to fees for appraisals and other normal costs associated with mortgage applications.