You will also want to ask any prospective Mortgage Broker, exactly how they are compensated.
Ξ December 1st, 2009 | → 0 Comments | ∇ Uncategorized | 
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Brokers deal with multiple competing lenders and can often access exclusive rates. Based on the number of mortgages brokers complete each year, they also have the power to negotiate rate discounts from lenders, which can be passed on to their clients
You will also want to ask any prospective Mortgage Broker, exactly how they are compensated. You will want to make sure you know how they get their fees for their services to you. Brokers will work for either a flat fee or a percentage of the mortgage amount. It is important to have this information so you know how much money their services will cost.
A mortgage broker or aHard Money Lender, needs to be dedicated and keep himself up to speed with many different home finance and commercial loan products. The lenders individually accredit mortgage brokers after they have completed home finance product training with them. A mortgage broker must attend regular training sessions – not just on home finance product but also to ensure that he complies with all legislation. While at this stage there is no national legislation or regulation that a mortgage broker must comply with, different states in Australia do have licence requirements for a mortgage broker.
Get as much advice as you can- Do not just rely on what your real estate agent or mortgage broker tells you. Try to gather information as well in the Internet, read real estate books or ask second opinions. You may also ask a lawyer or an accountant for advice. Weight things out before you make a decision
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