All Topics / The Treasure Chest / Mortgage brokers – good or bad?

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  • Profile photo of rich_onerich_one
    Member
    @rich_one
    Join Date: 2003
    Post Count: 1
    May 16, 2003 - 1:29 am

    Hi everyone. This is my first post here. I have been lurking around the past few days and let me say that this is a very informative site. Don’t take my nickname literally…yet[;)] It’s like a statement of faith if you will.

    I am about to go into my first investment venture and am contemplating hiting the pavement to canvas all the banks for a loan. I have heard that mortgage brokers can be good and help you get deals ‘outside the square’. I have also heard that banks will load the interest rate to pay for the broker. Is this true? Would anyone recommend a mortgage broker or are banks the better option?

    Any help at all would be greatly appreciated.

    Thanks
    Peter

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 16, 2003 - 2:23 am

    Rich one,

    There are some shocking mortgage brokers out there. I know because I am a mortgage broker and have seen these people at various bank training sessions.Some of them don’t know much about finance or investing.

    You should not be charged more in interest rates or fee by going thru a broker. Some brokers, however, do charge a brokerage fee but this is unusual.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763
    May 16, 2003 - 2:36 am

    Hi Peter,

    Thanks for your post and welcome to the forum.

    My thoughts on the matter is that getting ‘good’ finance is a matter of having a ‘good’ network.

    As such, if you already have a relationship with a banker then I’d encourage you to spend the time exploring that option.

    However, if you lack that relationship then going to a mortgage broker would be a good option.

    I haven’t heard of them ‘loading up’ the loan as such as it is in their interets to get the best deal possible.

    Bye,

    Steve McKnight

    **********
    Remember that success comes from doing things differently.
    **********

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of rich_onerich_one
    Member
    @rich_one
    Join Date: 2003
    Post Count: 1
    May 16, 2003 - 2:42 am

    Thanks for the comments and the help. I’m from Sydney and was considering Mortgage Choice being one of the larger brokerages. Do you recommend them or does it still depend on the individual broker? I know from their website that they don’t charge a fee.

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