hey all, help needed
Today i i went out to see how much the banks will lend me, i got a pre aproved loan at my current bank and them went to a mortgage lended, (mortgage choice) and spoke with them to save time checking in with everyone else, now she was telling me that if i shop around for may loan and put lots of inquiries in that it would come up on my record and be seen as a negative thing. now i would have seen it as a positive thing, like he’s doing his research but apparently not?is this true?
Hi Coutts,
Yes it's not recommended as it will show up on you credit rating. Not 100% sure how it works but i'm sure someone else on here will fill you in soon. That is why a good Mortgage broker who understands your goals and investing etc is invaluable. They will be able to find you the best loan that suits you as well being able to give you a rough guide before even going to the banks. There are a few good ones on this site if you browse the threads.
Cheers,
NathanHi Coutts
Yes hate to say she is correct.
Most lenders use some form of auto scoring and in many cases there is no course of manual over ridding if the deal is declined.
Multiple searches will affect your score along with a myriad of other factors so dont put in application willy nilly otherwise when it comes to the real deal you may find that you are declined with no way back.
We do a lot of pre-approvals for forum clients but mainly with lenders where they actually mean something (Some lenders pre-approve every deal which is worthless ) and usually when they are close to putting in an offer or going to contract.
All we would do is source from the client the sorts of features they are looking for or if they were looking to use to advise give them some lender choices and reasons and then even start to collate the required documentation without lodging an application i.e payslips, identification etc. Then when they are ready to put forward an application double check nothing has changed in regards to lender policy or terms and lodge the application for them.
Remember many Brokers and Bankers recommend what they think is good for them and not you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
is it better for me to go to one of the big brokers, like aussie or mortgage choice, or should i shop around and find a smaller personal broker???
I might be slightly biased but with the bigger franchises you are as good as the person behind the desk.
As these franchises dont worry too much about the level of experience for their employees you often find that last week they were a plumber and now they are advising on your investment portfolio. As i have said on many an ocassion it makes me laugh when you see a Bank manager or Broker advising a client on an investment loan when they havent even paid off their own PPOR.
Being a 1 man band with a wee bit experience (25 years + in the industry) i find that i can tailor make a product to suit my clients needs without having to sell them whatever our franchise or Head Office tells us to promote.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
smaller professional
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard's being nice. Some of these franchises are more concerned about expanding their franchisee numbers rather than providing quality brokers.
How about giving Richard a call to discuss your options and then you can make a comparison between his knowledge and the broker you spoke with today.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Someone like Aussie or Mortgage Choice will find the best one for your situation. An individual bank may try to sell you the product they want you to have and it may not be the cheapest or best. Multiple credit enquiries will be a negative and the bank you end up going with may ask why you have so many and want an explanation for it.
Michael
Michael
Aussie / mortgage choice etc have no greater ability to finding you the right loan than any other individual broker.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Aussie / mortgage choice etc have no greater ability to finding you the right loan than any other individual broker.Totally agree. The most talented brokers I've ever met are all part of smaller, independent brokerages.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi
Without doing the pre-approval, it shouldn't hit the credit history??? Is this right?
AndyDonnelly wrote:Hi
Without doing the pre-approval, it shouldn't hit the credit history??? Is this right?That's right. There's nothing wrong with pre-approvals – there's only something wrong when you go and get multiple pre-approvals in quick succession.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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