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a mortgage broker is a third party retail outlet for securing mortgage refinancing loans. When mortgage refinancing it is important to understand the how the retail mortgage market works. With the exception of banks and broker-banks (which you should avoid altogether) the retail mortgage market is made up of mortgage companies, online web portals, and mortgage brokers. These retail outlets all work basically the same; mortgage brokers sell mortgages for wholesale mortgage lenders for a commission.

Everyone that takes on a mortgage loan pays fees and closing costs to secure that loan. You will be required to pay the mortgage broker origination fees for finding you a loan, possibly pay points to the lender, and closing costs to secure the mortgage loan. It is important to note that the mortgage broker keeps the origination points as compensation for their services. After all, it’s only fair the mortgage broker be compensated for their services, right? Origination points typically run 1-3% of your loan amount. This is a lot of money you’re required to pay and more than ample compensation for any mortgage broker.

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