Mortgage brokers or lending institutions?

Viewing 5 posts - 1 through 5 (of 5 total)

Agent007
Participant
@agent007
Join Date: 2003
Post Count: 61
September 30, 2003 - 11:53 pm
I notice on this board & listening Steve’s “Tales from the Trenches”, that no-one seems to use mortgage brokers.
They seem to go to a bank. This seems to be VERY ineffecient.
As a new homes consultant I refer my clients to a mortgage broker (and she is a property investor herself with 10 IP’s & now looking to SD a block & build 8 townhouses). And I have already spoken to her about 2 months ago about PI. But she said find a deal first…
What would you experienced PI’s do?
Give her a go?
See 2 or 3 mortgage brokers?
Or is there something I have missed, and should do the Walt Disney thing and visit as many lending institutions myself?
Thanks for any help.
Cheers,
David Paxton
New Homes Consultant
Sterling Homes
0412 853 395
diclem
Member
@diclem
Join Date: 2003
Post Count: 537
October 1, 2003 - 12:14 am
Hi David,
I don’t mean to be critical, but why are you referring clients to a mortgage broker when you don’t seem to be comfortable with using her yourself? Is it a commission thing?
Just strikes me as a little odd,
Keep smiling,
Sue []
Be careful not step on the flowers when you’re looking at the stars
Agent007
Participant
@agent007
Join Date: 2003
Post Count: 61
October 1, 2003 - 12:21 am
Hi Sue,
The client’s I generally refer are not PI’s. Just people who haven’t bothered to organise finance yet.
And when I sign up a contract to build their home I don’t want the deal to fall over because they didn’t get their finance. It is not easy as it sounds to sign up a building contract. A lot of time, hard work and some argumentive people (that’s why at 40 I’m already getting a few grey hairs).
No, what I meant is as a professional PI why are they going to banks direct? Like on Steve’s tapes? Am I missing something?
Cheers,
David Paxton
New Homes Consultant
Sterling Homes
0412 853 395
diclem
Member
@diclem
Join Date: 2003
Post Count: 537
October 1, 2003 - 12:34 am
Banks might seem like the big baddies to the first timer or small investor. But once you show you are serious and begin to build your assets, you will be amazed what deals they will offer you. They will actually chase you for business, offer you better deals, even take you out to lunch!
No, I’m not a big time investor. I used to work in a bank. Yes that bank.
Just my thought on what might be part of the reason,
Keep smiling,
Sue []
Be careful not step on the flowers when you’re looking at the stars
picja1
Member
@picja1
Join Date: 2003
Post Count: 144
October 1, 2003 - 12:47 am
It always best to see a good mortgage broker. A mortgage broker generally has numerous lenders and can find the best deal for you. Also, good to compare brokers.
Always a couple of things to ask them, which lender they recommend and why?
What commision do receive?
This will make sure the broker is not putting you through a lender on the basis of their commision.
Do you charge a brokerage?
Try to use one that doesn’t.
How many lenders do you have?
Try to use a broker that has more than 20.
Are you accreditted with MIAA?
There are plenty of good brokers on this site. Simon AKA Mortgage Hunter would be very helpful. Melanie from Homeloanconnexion can also assist.
I am also only to happy to assist.
[email protected]