Loan Mortgage
How Mortgage loan officers make their money?
I get a mortgage through a mortgage company but the guy who gives me the loan seems a little bit excited. How much money did he make out of the loan of 170,000, and what should I look for?
Just put the loan officer gets paid either three ways: first You pay him access point second Lender pays him third A combination of 1 and 2 for anyone to come here and tell you that only one or two ways is the right way, or how much of% to be paid is completely wrong. Each state is different on how much an average a borrower must pay the access points. For to find out how the loan officer is your chargin, look at the good faith estimate. If you pay origination points up front, you may be getting a better price than that lender to pay the loan officer for his commission. Although you could charge at both ends. Look carefully at the Good Faith Estimate.