Hi all,
Sorry if this has been asked before, but I tried to do a search and it timed out on me…
Has anyone used a company called Mortgage Choice as a mortgage broker and if so, how were they?
Also, in general, do you guys usually use brokers to suss out loan options? It seems to me that a good broker might be as valuable as a good real estate agent, but I’m not sure….
Also, how is it that brokers can say it doesn’t cost you anything to use them? (they get paid by the lender supposedly). BUT – in my experience, banks never give away anything for nothing and so I’m sure we must be paying for their services somehow – ie in some sneaky extra bank loan charge….
Any comments??
Ta,
AnastasiaAnastasia,
Very valid question.
Avoid brokers that charge a fee. They are double dipping as they are also paid by the lender. Unless of course your loan is really out of the ordinary that it needs a lot of additional expertise or effort.
Banks pay us to bring in business. They save infrastructure costs by having us out there writing loans at all hours!
I have no doubt that my statement below is true of most, if not all, other brokers here on the forum and in general. However I can only speak for myself.
I give you my word that you will not pay $1 more to use my services than you would if you were to approach a bank directly. There are no hidden surprises.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Anastasia…
You are correct when you say that a good broker is as valuable as a good Real Estate Agent can be for you.
Obviously some of the Mortgage Biz. Advertising
has not got through to you. Be assured that Brokers do not charge you a fee and as Simon has just told you…the Lender pays the Broker.It may prove to be difficult to find a Broker that charged you, as well as getting a fee from the Bank…very rare.
You will not save money going Direct to any lender.The reason is quite simple…if you go to a Bank…the loan officer has to be paid a salary.
If you go to a good Broker the bank will pay them because they can employ less loan officers. Better for the Bank as they only pay a fee to the Broker when they bring in a loan.Banks have got to pay rent, staff wages, sick pay, holiday pay etc etc. It is more cost effective for Banks to use Brokeres, so they do.
It is also better for you… One appointment,One application and most important,only ONE check on your Credit File. You also win out because most Brokers can access more than one lender for you.
It gets down to the individual that you have an appointment with is more important than the actual Brokerage House. Mortgage Choice is fine as are the Brokers that are right here…suggest you respond to someone here in this Community.
I am not a broker, my role is to consult to those borrowers that require more than just putting in an application. So I have no axe to grind.
Your best bet is… the Brokers on this Forum… after all you are already here.Cheers
PS. Yeah I know, a bit long winded but the Mortgage commercials haven’t worked for you.Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Hi guys,
Thanks for your replies – very reassuring. Silly me – I should have thought of looking on this site first for a broker before I made an appointment to see one. (I got a promotional letter in the mail just at the time I was considering how to proceed with my loan – see Bill – sometimes advertising does work on me!!). However, if that doesn’t work out, I might give you a call Simon, as you are one of the poeple on this forum I have often thought gives particularly sensible advice…
Which brings me to my next question – what if, after the broker has done all the figures for you, you decide for whatever reason not to go through with the loan? (eg maybe you just don’t gel with the person concerned, or your financial circumstances changed suddenly). Is it a just a case of bad luck for the broker? I would feel a bit guilty doing this (not guilty enough to go through with a loan that I didn’t want though…) – it would almost be better in this situation to have paid them a fee for service, so you don’t feel like you’ve wasted their time.
Ana
Hi Anastasia…
You said..
“However, if that doesn’t work out, I might give you a call Simon, as you are one of the poeple on this forum I have often thought gives particularly sensible advice… “
As you feel that Simon gives sensible advice and you sort of already know him…it is only a matter of cancelling the other appt.then contacting Simon.
maybe you just don’t gel with the person concerned
If you read my earlier response to you again…this is exactly what I meant about the PERSON is more important than the Brokerage House.
And as I said, you have someone right here .
Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Hi Anastasia…
I rang two “Mortgage Choice” brokers today (ok, technically yesterday), one at 1pm, the other at 3 as i am desperate to refinance my PPOR as a couple of exceptional investment opportunities have come up. As of 1 am neither has returned my call like they promised…
Needless to say when they do return my calls (both secretaries promised they would call back within the hour) i won’t be using them…
Cheers,
Paul…“The only thing you get from looking backwards is a sore neck…”
Paul and Anna..
My guess is that if you contact the “inhouse” Brokers on this very forum…you will get a call from him/her when promised.
After all they are just a mouse click away.Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]I nearly emailed you Bill to ask your thoughts on this one, but the “Bank of Dad” came to the rescue late this afternoon… [
]Unfortunately it appears one of those infamous “Dutch Auctions” was taking place on one deal, i’ll find out more tomorrow…
Cheers,
Paul…“The only thing you get from looking backwards is a sore neck…”
Yes Anastasia,
how true what Bill have said!
It would be more satisfying if I had contacted one of the brokers here in the Forum. But at the time I wasn’t aware about this Forum.
My broker didn’t give me the advice I need to know as an investor and how to structure the loan properly. From the people here you get everything you need to know.
My appreciation goes to Bill, thanks again for all your advice mate!It’s that first returned phone call or e.mail that makes all the difference. We all know Brokers are busy and it is sometimes near impossible to get through all the calls in one day but if they could manage someone to return a call and perhaps get some rough outline of what the customer wants and just how urgently advice is needed………….well, it would make us feel important to them wouldn’t it.
Anastasia,
Should an application not proceed for any reason then the broker is essentially out of pocket. Sometimes this is his fault but mostly it is due to the client not completing a purchase.
Some brokers charge an upfront fee for an application of about $250. This is usually done after intitial interviews and when a strategy is decided upon. This is refunded if he cannot get finance and is also refunded when the loan settles. The broker retains it if the client chooses not to go ahead with the finance.
I don’t do it and most brokers don’t either. The reasoning is very valid but whilst the majority don’t charge then it isn’t sound business sense to be the one to do so!
Thanks also for the positive feedback – I feel thrilled to know that my advice is sometimes helpful!
Have a great weekend everyone!
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Anastasia, I just want to tell you that Simon has recently organised a loan for me, and he’s great! He’s been very helpful, I had no hassles whatsoever so I strongly recommend him. Above all, he offers great advice as you’ve noticed already, something I really value (and desparately need!).
[]
Good luck!
]
]You must be logged in to reply to this topic. If you don't have an account, you can register here.
