Has anyone attempted to negotiate a discounted rate with Banks ? It is my undersatnding that mortgage brokers receive an up front and trailing commission when writing business. If you know what product you want, having done your own research wouldnt the bank be saving money by not paying these commissions to brokers ? Couldn’t some of that money come back to the borrower in reduced fees or interest rates ?
Perhaps. You could always give it a go.
However, the banks do make some savings by dealing with brokers. They save money on:
– Advertising.
– Sales staff.
– Admin staff (as we put the application together and in same instances enter the client’s details online).
– Brokers allow the smaller lenders into the market without them having to set up an office network, etc.Remember the banks aren’t stilly. They don’t just pay money to anyone without getting their pound of flesh.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.au
The topic ‘Mortgage Brokers Commissions’ is closed to new replies.
