The commission of the mortgage brokers are canceled by the entities that have contracted with them. This is not charged to the client, but there must be fully constituted and responsible entities or individuals. The value of a commission to collect is established between 3 and 5% by rule.
The issue of the mortgage broker in Mexico has emerged a few years ago
They are entities created to advise the client and serve as intermediaries in the negotiation of purchase of housing through a mortgage loan. Therefore, they select the interested clients to contact them with the entities that offer the mortgage products.
Because they are very recent in Mexico, there are only between 15 and 20 mortgage brokers nationwide, mostly as individuals. Among them some companies already constituted as, Financial Option, For Your House, Financing Now, Interbanc.
Functions of a mortgage broker
The figure of the mortgage broker is very different from a real estate agent . The mortgage broker must have multi-products in mortgage credit, which knows how to study the client’s profile and advise it. To provide the client with financing that best suits their needs and that is granted by a financial institution.
Among the activities that the mortgage broker must perform, it is also to request the client’s requirements made by the entity. The necessary procedures and documents, to present them directly by the broker to the entity that has been chosen.
The idea is to note the function of the mortgage broker, to show confidence in the client and to reach an ideal solution through advice. Of course, after all this you have a doubt … Who pays that advice or commission?
The customer is almost always thought of as the first instance, but in this case it is paid by the entity to which the client was delivered.
To take into account in the commission of the mortgage brokers
- It should not be considered as a person processing mortgage loans only
- It is a professional intermediary between the client and the entity that offers mortgage products.
- Your commission is generated and paid by the entity offering the products
- A mortgage broker is the added value of the entities, since they have several services to offer.
- The advice can represent a significant and significant saving for the client .
- Through the mortgage broker there are many benefits for the client, for the variety of entities and products offered.
- The client must know and be clear about the subject, to choose a mortgage broker that is legally constituted and is not advised by a processor.