Posted on: 03rd Feb, 2009 02:40 pm
Can mortgage brokers make any money doing a cash out refi on a loan for 180k?...I heard that the max you can make is 3% and that the fees are included in this amount including title fees. Is it not worth my time to try and transact a deal like this?Can mortgage brokers make any money doing a cash out refi on a loan for 180k?
Well, only a mortgage broker or loan officer can give you the right answer here. You can send a pm to Eric or George M Akerly for the details. They are our community members as well as mortgage industry professionals. So, they can guide you with the exact information.
Sara is right, one of us would be happy to explain it to you. Just send a message directly to one of us and we would be happy to answer.
The answer is yes. You can make money on a loan for 80K. Or 1 mil. The loan amt doesn't matter when it comes to being profitable for the broker.
ashley has the answer right. of course, a broker/lender can make money on a refinance as you mentioned. in fact, a broker/lender who isn't making any money on a deal of any sort had better go start flipping burgers, since there is an actual pay involved in that business.
i hate to be so flippant, but sometimes i am alarmed at what i read.
George, thank you....I was going to say that nobody works for free but I bit my tongue.
unfortunately, eric, all of us in lending work for free (unless we are in salaried positions) with far too many of our clients. think about the people who begin working with you in the spring of 2007 and who still haven't found the right house to buy. how much time has been expended with no income on that deal? now, multiply that by all the others who've been "shopping" for what seems like forever - see? we do, indeed, work for free a lot of the time.
i call these clients "serial shoppers" since they call us to see if they qualify for a specific property at least once a month, yet we've not seen hide nor hair of a contract for purchase. not only that, they drive their realtors nuts, too.
i call these clients "serial shoppers" since they call us to see if they qualify for a specific property at least once a month, yet we've not seen hide nor hair of a contract for purchase. not only that, they drive their realtors nuts, too.
George, you are correct. We do work for "free" in those instances.
My 2 cents. Yes, while we will have the "shoppers" that take up a bunch of our time, give us the run around, etc, we also can make more than the average joe. While I didn't gain any moolah from Pam, Joe made me more in 1 deal than most people do in a month. So its a give and take.
Aside from that, if ever deal was check and close, then there would be WAY too many people in this business that don't need to be. Circa 2002.
Aside from that, if ever deal was check and close, then there would be WAY too many people in this business that don't need to be. Circa 2002.
i need to see joe more often than pam. i was a well-paid underwriter in 2002, and i definitely recognized that there was a surplus of loan officers (still, in some cases).
but, i gotta say this: usually pam is the decision-maker with joe being the decision-breaker. i guess i need more single folk with decent credit and a sense of what they really want that is more in line with what they can obtain.
We conquer by continuing - George Matheson
but, i gotta say this: usually pam is the decision-maker with joe being the decision-breaker. i guess i need more single folk with decent credit and a sense of what they really want that is more in line with what they can obtain.
We conquer by continuing - George Matheson