Mortgage brokers: how much do they (you) get paid per mortgage?
People think that mortgage brokers are free, but of course, nothing in life is free. So, how much do brokers get paid? What is the fee structure? What is the payout schedule? Do brokers get paid a lump sum when they setup a mortgage or do they get a revenue stream % matching the mortgage payment schedule? Do brokers get any more or less when a borrower doubles down on payments, does early lump sum or pay IRD?
What are brokers' incentives? Do they make more from certain lenders compared to others?
I'd like to hear from current and past mortgage brokers, as well as borrowers or lenders who have dealt with them or those who might have some insights.