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However, the house has not been listed in MLS listings yet because it's a mess here ... |
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| I am looking to move into an apartment and was wondering will the prices of rent go down when the economy is doing bad and the economy is in a recession or do the prices stay fixed or even go up.... |
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| I have seen a place I want to rent and its available now, but I don't want to move in until 4 weeks. If I say I want it now, willhe hold it for 4 weeks or give it someone else? I doubt this ... |
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| The mortgage company i'm dealing with now is totally belligerent, unfriendly and unhelpful. They literally will not answer questions - they just tell me I need to re-read my loan agreement. I ... |
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A co-worker has asked me:
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 Question about buying a home? |
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jeanne W | When a mortgage company refiances a home how do they make money? |
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China69
|
They make points on the back from your money,but some people dont realize that.Usually 2 or 3 percent of it. |
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carriebeary
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All those closing costs that you pay again pretty much go to them |
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kthor
|
they make from 1.5 to 3% of the loan amount ...
some have hidden fees can bring it up to 4 to 5% of loan amount
have you ever wonder why some people pretends to give away money if you use em to buy a home, used em as the main mortgage company ? it's because they'll jack the price up on the backend of it..so that money that they claim they are giving away, you're actually paying it yourself...from higher prices (rates etc...) |
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Joe H
|
Basically mortgage brokerages make their money by the fees that are charged to do the loan. Not all the fees actually go to the broker themselves however, they are required to pay off appraisers, title, escrow, credit reports, their processors if they have one. One thing to understand is that when you're working with a mortgage broker you're not actually working with just that one person. There are many other people involved. In some cases all these are worked into the loan amount itself, in others in order to keep your payments lower you can choose to pay off these costs up front and not include them in the loan amount. Some banks on the other hand have all these people in house, which sometimes lowers the cost. |
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Brutus
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Closing costs, points and interest. |
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Designchc
 |
Rick is correct~ |
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ﺸÃïåMóñdÃôññåﺸ
|
interest, closing cost, broker fees... |
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Matt J
|
They make 1%-3% of the loan amount, the other fees are ususally not profit for them but they make a few small junk fees.
Matt
http://www.diversifiedlender.com/ |
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rlanicek
 |
The mortgage company that originates your loan makes money two ways: fees and yield spread. Usually only the origination points are really profit--the other fees are typically priced as low as is reasonable because they want to stay competitive. Yield spread has to do with your interest rate--a higher interest rate means more points paid to the mortgage company by the wholesale lender (depending on the borrower's credit and income).
Wholesale mortgage companies make money by selling pools of loans to investors, like Wall Street. A pool of loans is treated just like bonds. For example, if I have $1,000,000 in loans paying 6% over the next thirty years, I can keep them and collect the money every month, or sell the whole group to an investor for say $2,000,000 and make $1,000,000 profit right away.
Rick Lanicek
www.primelendingonline.com |
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ntavisola
|
Refinance or purchase, mortgage companies (i.e., brokers) make money with the following:
1.) Front Broker Fee (1% to 3%)
2.) Yield Spread Premium/Rebate paid by the lender (1% to 3%)
YSP/Rebate is obtained by adjusting the borrower's rate higher.
Example: For the broker to get 1%, the borrower's rate may adjust
either by 0.125% or 0.25% higher.
This is paid directly by the lender to the broker after closing.
Mortgage Bankers/Correspondent/Table Funders:
1.) Front Points (Lender Underwriting/Application Fees) - Fixed Fees
2.) Yield Spread Premium/Rebate (1% to 3%)
3.) Service Release Premiums (SRP) (1 to 3%)
- This is paid out to the Company once the borrower's loan gets
closed, audited and released into the mortgage pool where
the borrower's file/loan get purchased by a servicing company
or another lender who will be the borrower's new servicer.
Read up more on Real Estate Financing. |
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