real estate

What is a commission?

 

What is a commission?

The Bankrate.com financial term of the day is: "Commission"

Buying a home is a really big deal, and it can be very helpful to have a real estate agent or mortgage broker in your corner. These professionals don't work for free but are compensated with something called commission. It typically amounts to a percentage of the home's selling price or the amount borrowed to pay for it.

How do real estate agents or mortgage brokers make their money? Often by receiving a share of the transaction -- known as commission.

To find the best rates on home loans, visit the Mortgages section at Bankrate.com.

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