No, there is no fixed rate for a mortgage broker. Mortgage brokers are compensated in different ways depending on the lender, loan product, and individual agreement. Some brokers may charge a flat fee for their services, while others may receive a commission from the lender. Additionally, some brokers may offer a combination of these compensation models.
It’s important to ask your mortgage broker about their compensation structure and any fees or charges that may be applicable before you apply for a loan. This will help ensure that you have a clear understanding of the costs associated with working with a mortgage broker and can make an informed decision about which broker to work with.
