How much do mortgage brokers make?

Home Forums Mortgage How much do mortgage brokers make?

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    Team StellarFi

    Mortgage brokers are licensed professionals who act as mediators between borrowers and lenders. They don’t issue mortgages themselves. They work with multiple lenders and can help you find the lender best suited to your financial goals and situation. 

    Typically, mortgage brokers earn 1% to 2% of the loan amount from either the borrower or the lender. So every $100,000 earns them around $1000-$2,000.

    Currently, it is illegal for both the borrower and lender to pay the broker. Mortgage brokers may work independently or as part of a firm with other mortgage brokers. Since their earnings depend on commission, how much they make in a year depends on their experience in the local real estate market. The average annual income of mortgage brokers varies by state. 

    Comparing lender quotes can help save borrowers a lot of money, whether they choose to go with a mortgage broker or not. So, it is important for borrowers to determine whether the mortgage broker fees offset the potential savings.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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