I am needing to find a lo doc loan and a line of credit for two properties I have.
needing an interest rate better than 8%
ThanksHow does 6.85% sound?
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.
Hi Simon,
We are still very new to all of this and are still in the “research” stage. Could you please enlighten us as to what a “mortgage broker” does in comparison to the banks/credit unions. Can you, or anyone else, give us a rundown on advantages and disadvantages of each.
Kind Regards
David and Lesleigh[
]Hi guys,
Basically we work with mortgages every day. We are on the customers side and are able to quickly ascertain which style of loan and then which lenders may suit a particular client.
I am really finding that whilst a bank employee might know their own products well they really don’t have a grasp on the market as a whole. This is where ab brokers experience is invaluable.
Lastly, most of us don’t charge for our services even if we do a lot of work and the client decides not to buy! This is part of the industry we are in.
Many people are frightened of the thought of brokers. There have been a few stories in the media that makes the industry seem shady. Whilst there must be some bad apples I can assure you that nearly every broker I have dealt with are just honest mnen and women making a living! Having said this you need to make sure you feel comfortable with your broker as he will be asking some personal questions about your incomes and debts.
Lastly a broker really only handles the application process – at no stage can he access your loan or somehow manipulate things to steal from you.
All the best,
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.
Hi Simon,
Thank you very much for your prompt and helpful reply.
We’ll most probably have more questions at a later date as we are really only just beginning our “adventure” into this area.
David and LesleighHi David,
The only point I would add to Simon’s comments is that a bank (and it’s staff) are hamstrung by their lending rules. These differ from bank to bank and as such you may find that you run into a ‘brick wall’, for a whole variety of reasons, earlier than otherwise may have been the case with another lender.
I would also recommend you spend time with your broker to ensure they know what it is you want to achieve in the short and long term. This way you can get the ‘foundations’ of your finances in place at the beginning of your investment journey.
In many respects building your portfolio is like building a brick wall – spend time and effort getting the foundations right and you will improve your chance of success.
Derek
]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
