Hi all
There are many mortgage brokers around. Generally they offer products from the same or similar institutions. I have heard people say find a good mortgage broker.
What ditinguishes a good one from a not so good one.
regards
alfSome are dumb or inexperienced. Some spend a lot of time and work hard at trying to get you set at the right kind of loan. Others don’t go to a lot of trouble.
The problem is how will you know the guy is good ? [
]It ain’t any good asking them as they all will say they are the best. [
]Pisces
Alf,
Really hard question.
I can only suggest that you talk to one for a while and see if he knows what he is talking about.
Probably the best way is to get a personal referral.
Don’t pay a brokerage fee.
BTW I am no good [:p]
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.
I have over 16 years in the mortgage banking industry and spent a couple of those years helping people answer this same questions and eventually got a mortgage brokers license myself.
Unfortunately, many brokers are sales people and not over all well rounded knowledgable mortgage professionals. What to look for to set apart new sales people or less knowledgable people varies since some brokers have 25 years of experience and touched less files and closed less then loans then I did in one year at the large bank I worked for, just like rate teasing and many brokers and originators have fluffed up profiles and are no better then a newer mortgage banker with a couple year of high volume of business.
Here are the key things I look for when I am consulting or doing compliance exams on brokers and originators for other lenders or businesses:
1) Formation, Sole, LLC, Corp.
2) Licenses and business filings,
3) How Many years in business
4) How Many years in industry
5) How Many mortgage files have they closed on
6) Which Bank or Lender did they get their experience from.
7) Are they local and do they belong to the state specific bankers association
Do they have a website that you can further review and look into
9) do they have testimonials or service providers or others you can call to do 2 – 4 phone references from.
Best thing to do is stick with a local originator or broker that you can build a good relationship with. Don’t shop around to save $15 bucks and get screwed in the long run like most think they need to do.Mortgage Transactions and Processing are so complex that even the so called professionals are not always as knowledable with every intracacy so how do you think a consumer with very little knowledge is really going to stand against a perfectly trained talker or bait and switch artist who has an answer and counter for each worry or concern you have.
Also educate yourself more about the who process, Perfect vanilla credit deals will give you perfect credit rates and same day lock ins of you want to pay an application fee to show your seriousness to move forward if they require such, anything else falls into what I call the jungle
subprime lending, alternative loans, unique needs 100% financing etc
all these deals are going through specififc other investors with different requirements and heavier risk burdens. With that said you will always have best rates on short term deals versus long term, always have prepayments if state allows and usuauly always not be able to lock your rate until appraisal and all docs are submitted from consumer to broker to allow them to deliver a completed file in perfect packaging order to review and sign off for final loan approval and lock or to question for more info.With all the potential challenges it makes much more sense to use a Broker who can reuse your appraisal through several dozen different lenders and investors instead of getting stuck with one lender or bank who refuses to release your appraisal if you do not place with their specific programs.
Trick again is to find a local, trustworthy professionals, preferably an ex-well trained mortgage banker like myself that has moved to the broker side of the industry to provide personalized service.
The internet, tv ads, realtor referrals all will cause you to eventually get baited and switched or confused more if they are not honest with you upfront.
Please email me at anytime with a financing need or to get more help on education about mortgage lending I enjoy helping people. I am only licensed in Connecticut but my forums have licensed mortgage broker professionals who can do all types of loans in all states.
billymortgage <aka> Bill Lavigne http://www.amorp.com
[^]Yikes damn run ons and typos galore sorry folks I rushed that reply above, phone are very busy today.
Bill,
Welcome to the forum.
What a detailed reply.
Did you know that this is an Australian forum? Whilst I would encourage you to stay you should realise that you may not get many calls[
]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.
Alf, to confuse you even more let me ask you a very simple question.
If you ask a mortgage broker whether he is any good and experienced you can basically receive two answers.
1. ‘I am very experienced.’
or
2. ‘I am no good.’
My question is, given the choice between these two, which one would you pick, the liar or the honest (though self confessed incompetent) one ? [
]Pisces
Hehe all you have to do is find out who lied.[:o)]
There is an article on Mortgage Brokers in this month’s (no 48) Your Mortgage Magazine. The article is called : “Mortgage Brokers. Shopping for home loans”
It will give you a bit of insight. The amount of lenders they have on their smogasboard can vary a lot.
I have personally dealt with Mortgage Hunter and can say that he’d be up there with the best and has great products! [^]
Hi all
Thanks to all. WOW Bill thats a convincing CV. Havent been dazzled like that over here in OZ.
I have spoken to mortgage brokers for guidance as to my immediate and my possible future needs in relation to finance structure.
The response i get seems so standard. For example i asked one that i didnt want to increase my debt.
So this individual came back with a 90% lend LMI(cost) increase in what i wanted to borrow. I specifically had asked for 80% lend. Just did a quick summary over the phone and said well ill fax it to u sign it and return it.
So overall i have been dissappointed and i am asked what is it you want. I say show me where i am saving or will save and how your deal is the one i should take. Dont hear from some.
Maybe i dont ask the right questions or dont express what i am after clearly, i dont know?
Bill generally here it goes like this.
Come to your place
laptop(slow)
recommend a lender
write it upThey just dont seem to go the extra step to find what you want, and how to source it. Quite frankly i dont think some know.
Saying i was too busy sorry i am 24 hrs late doesnt cut it with me anymore.
kind regards
alf
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Do they have a website that you can further review and look into
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