How much does it cost to use an CMI Mortgage Specialist?
The vast majority of mortgage clients do not pay a fee for the services of an CMI Mortgage Specialist. To gain a larger market share, the majority of financial institutions pay a finder’s fee to Mortgage Consultants and at the same time offer them their best discounted rates and fast approvals in order to gain their business. This allows the Mortgage Consultant to shop among the various financial institutions for the mortgage rate and product that best suits the needs of the client and, in almost all cases, at no cost to the client. In situations where traditional lenders will not approve a mortgage because of poor credit, and where the application must be placed with a private or non-traditional lender, a brokerage fee may be charged to the client. This cost must always be disclosed to the client up front and must be authorized in writing by the client before it can be charged.
