http://www.mortgageloantips.com/
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorSounds interesting but can you apply this advice to Australia?
“What you want in your life occasionally shows up…
what you must have… always does.” . . . . . Doug Firebaugh
May God Prosper you.[biggrin]
MarcHi Redwing,
Having had a little experience dealing with American brokers I can say there is no way you can compare the US market with the Australian market. The vast majority of Australian brokers do not charge the client anything extra and rely solely on the commission paid by the banks which is not the case in the States. However, I do think its prudent to take into account fees and features rather than simply relying on interest rates. A good broker will take this into account before presenting options to you.
Regards,
Mortgageman
Regarding the Australian market, mortgage brokers must provide a borrower with a comparison rate as required under the Uniform Consumer Credit Code for any home loan (excludes investment loans). The comparison rate takes into account all upfront, ongoing and closing fees and charges. It does not include pay-per-use fees like redraw or ATM fees.
An Australian broker also makes no money from fees and charges. They receive an upfront and trailing commission set from settlement of the loan. Regarding home loans, this must also be outlined in the Finance Broking Agreement in NSW and VIC. Borrowers in Australia are very protected from the dodgy USA practices so you should feel pretty safe.
Robert Bou-Hamdan
Mortgage Adviser
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