A free real estate broker at no cost: does it exist?

The real estate broker is a financial professional who plays an intermediary role between the borrower and the bank or the lending organization that grants him the mortgage. His goal is to find for his client, the subscriber borrower, the most interesting loan offer for him.

A free real estate broker at no cost, is it possible?

A free real estate broker at no cost, is it possible?

Yes ! The free real estate broker does not charge any fees for his services to his borrowing client. To get paid, he receives commissions that the banks grant him for each contract subscription at home. Indeed, it is called the principle of giving and giving. Since the broker brings a new customer to the bank as part of the mortgage purchase, the bank pays the broker a sum to reward him for this new contract. This commission is usually worth 1% of the amount borrowed.

With this formula, the borrowing client is doubly a winner, since it benefits from a quality service without brokerage fees!

How to benefit from the services of a free real estate broker at no cost?

How to benefit from the services of a free real estate broker at no cost?

Soliciting the services of a free real estate broker at no cost is not really difficult. You will find many online. Before making your choice, do not hesitate to inquire about their course and their network; this will prevent you from unpleasant surprises.

To build a solid mortgage application, the broker will ask you for some supporting documents:

  • your last three payslips
  • your last two tax notices
  • your last three bank statements
  • proof of identity
  • proof of address
  • a valid sales agreement contracted between the seller and the buyer

In addition, the broker will discuss your project with you in order to define your expectations and your profile. It will point out the interesting elements to put forward and likely to appeal to credit organizations. He will then be responsible for soliciting service providers for you before offering you the best offer.

What are the differences between a paid real estate broker and a free real estate broker at no cost?

What are the differences between a paid real estate broker and a free real estate broker at no cost?

Free brokers and paying brokers all receive a commission from the bank from which the loan will be taken out. The difference is that the paying broker also bills the service to his client. Indeed, on average, paying brokers charge between 1% and 2% of the total amount of credit to their client, in addition to the commission collected by the bank. On the other hand, many brokers apply a ceiling for this commission, the amount of which varies depending on the service provider.

This difference can not be explained by the quality of their service. Indeed, there are excellent free and paid brokers, as bad brokers free and paid. On the other hand, the cost of setting up professionals is not the same. They are indeed much higher among the paying brokers, the free brokers being not subjected to the same requirements as regards right of entry, license, professional premises, goodwill, etc.

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