Do i need to Pay the mortgage broker and the real estate broker while buying ahome,?

Question

If Yes,How much will i have to pay them,

Thank You.

Answer 1

Real Estate Commission is going to be based on the Sales Price, normally 6% for residential property.
Loan brokers fee will be based on Loan Amount.
Ask around to find out what is customary for a Buyer to pay for in the area that you are looking to buy. Keep in mind that all fees are negotiable and you need to decide what you want in the contract before you sign anything.
It helps a lot if you get pre-approved for a Loan first as then you can decide what price range of house to look for.
Fees to consider: Title Insurance and Escrow fees. you will need to pay 1 yr Homeowners Insurance, Taxes, Termite Inspection, Home Inspection (usually optional), Doc. Prep., Appraisal fee Credit Report Fee. Also lenders may have a number of fees to
consider besides the Appraisal Fee and Credit Report.
Do research ahead of time, shop around for a lender and find out what their fees are. If you are going to use a Mortgage Broker, I would also ask for a complete break down of their fees.
In looking for a Loan, it wouldn't hurt to even ask the Loan agent at the place where you bank or if you have a Credit Union check them out. Sometimes dealing direct with a lender or credit union you can get a very good deal on fees.
Don't allow a Credit check done on you, until you have decided which lender you want to use. Just keep in mind that every time your credit is checked by someone other than yourself, points are taken off your score.
Good Luck, I hope you find that dream home.

Answer 2

The seller pays the real estate broker if the home is listed. Some buyers agents do charge an up front fee to cover the cost of gas and putting up with people that want to look at 20 homes and can't make up their minds. The mortgage broker make his money off the loan when you close on the house. Hope this helps!!

Answer 3

Your buyers agent is paid from the seller, assuming you buy a house that is listed through an agent. (not a for sale by owner.)

Your mortgage broker IS paid by you as part of the closing costs-- often 1% of the loan amount. It's paid at closing, so if you're planning to write in that the seller pays your costs, make sure to ask for enough. Your mortgage broker should give you an estimate of costs when you're preapproved.

Answer 4

When you buy a house, seller paid to real estate broker but it depends upon if the house is sold through real estate broker
If house is sold by owner directly-then you have to pay to real estate broker at least 1 percent but percent still depends upon your arrangement/agreement with real estate broker

If you have good credit history then mortgage broker paid by lender
if your credit history is not good, then to arrange mortgage you have to pay to mortgage broker
how much you pay still depends upon your agreement with mortgage broker at least 1 percent

Answer 5

I have heard of real estate agents charing upfront fees to people looking to buy. Sometimes they do that to protect themselves if they have to show them like 25 different homes.

BUT, its rare. Normally they make their commission off the seller of the home.

You DO pay the morgage broker in form of closing cost fees, ect. Ussualy somewhere around 1% of the total cost of the home.

Answer 6

They make it off the seller of the home they show you alot of houses first hope this helps

Answer 7

yes, but it doesn't come out of your pocket, it comes out of the transaction.