Mortgage Brokers

Viewing 6 posts - 1 through 6 (of 6 total)

QM
Participant
@qm
Join Date: 2009
Post Count: 76
September 13, 2011 - 5:24 am
Hi,
I’m looking at going to a mortgage broker for a pre-approved loan. Is it recommended to approach two or more brokers or does it confuse the matter? I am aware of checking on important factors on how they earn their commission etc to prevent any biased choices etc. I am making a choice this week. Thank you.
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
September 13, 2011 - 6:04 am
HI QM,
By all means speak to a couple of brokers to find out what they suggest BUT do not get two pre-approvals done.
Pre-approvals will result in an entry on your credit records and if you have too many of these other lenders may shy away.
The brokers should be familar with the various banks policies and should be able to determine your borrowing capacity with a high level of certainty. (Provided you disclose everything)
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
September 13, 2011 - 6:09 am
What Derek said.
Same as when i was shopping for an accountant, i tested a few ( 3 ) to see how extensive their connection and knowledge of Property tax and trust are but i didn’t allow any of them to lodge a tax return for me, till i was certain.
Regards
Michael
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
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QM
Participant
@qm
Join Date: 2009
Post Count: 76
September 13, 2011 - 8:17 am
Thank you for your reply. Great to know that at the end of it all – I only go with one mortgage broker.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
September 13, 2011 - 10:48 am
Derek wrote:
Pre-approvals will result in an entry on your credit records and if you have too many of these other lenders may shy away.
It's a really good point – and it's something that most borrowers are unaware of.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
September 13, 2011 - 5:47 pm
As above.
You would be suprised how many loans are declined on automated credit scoring often as a result of an overkeen or ill infoormed broker or Banker suggesting you just put in an application to see how it goes.
Only other thing i would ever say is if you are buying an IP try a broker who has bought or owns one or two not one who is still paying off his PPOR. I mean would you go to a specialist for diagnosis of a medical condition and performed the odd operation or a nice fella who has read the books.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender