At the least, that is just what it appears like they are doing—at least in most of those internet advertisements or e-mails trumpeting loans at super-low prices without any costs that are out-of-pocket.
Have actually you ever wondered just just how loan providers can perform this? You, the money has to come from somewhere if they are not charging. It will help to clear things up once you know how that loan officer makes their cash.
- Loan officers are compensated either “on the front”—via fees you pay upon getting the loan—and/or “on the relative straight back, ” a commission from their organization (that you simply indirectly spend via a greater rate of interest). Read more