Discount Mortgage Broker - Find the definition of common mortgage loan terms using our morgage glossary...

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Discount Mortgage Broker

A discount mortgage broker is a brokerage that is compensated by the lender rather than by the borrower. This is made possible by payment of a 'rebate' from the lender to the broker. Keep in mind that lenders make their money not from fees but from the interest you pay on the morgage. So lenders will pay a discount broker according to the interest rate they secure for the borrower. The higher the interest rate charged, the higher the 'rebate' to the broker. The lower the interest rate, the lower the 'rebate' is to the broker.

This can be advantageous to borrowers that will not be in a loan for more than a few years as it keeps there are no closing costs. However, your interest rate will be higher than if you paid some closing costs. What's the right balance for you? It really depends on your situation and the terms that you are being offered.

Mortgage Programs at a discount - California Broker

Discount Mortgage Broker

Mortgage Programs at a discount - California Broker

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