Of course, to enjoy all the benefits, you must sign a commercial mortgage fee agreement. The written brokerage agreement must clearly state the services provided by the mortgage broker, the terms of the original fee and the dollar amount that the mortgage broker must receive as a credit fee. In most countries, a mortgage broker can only charge one application and third-party fees — valuations, surveys, credit reports — before a qualified lender approves a home loan. If the mortgage broker receives a commission or inducement from the lender in addition to the original fee, the mortgage brokerage contract must clearly state that compensation, amount and purpose. Legally, anyone who uses a mortgage broker instead of a direct lender to buy a home must enter into a fully executed mortgage brokerage contract before the broker can assess the original fees. State laws prohibit a potential buyer from paying an origination fee to mortgage brokers unless there is a written mortgage brokerage agreement between the two parties. The brokerage contract must be signed and dated by the home buyer and the mortgage broker or the director of the subsidiary when the broker works for a mortgage brokerage company. The decision to work with a mortgage expert is a big decision, but it can ultimately pay off. Lower rates, a smoother application process and access to more choices are important benefits. If you work with a credit professional without a commercial mortgage contract, would you trust that they work in your best interest? If a mortgage expert didn`t have protection, what incentive would he have to find you a mortgage that works? Mortgage brokerage agreements protect buyers from fraud. Mortgage professionals and brokers alike can spend countless hours and sometimes weeks securing a commercial mortgage. If you work with a broker, they become your representative in the application process. You will actively seek the most competitive mortgage offers with the best interest rates and conditions.