Any recommendation for a mortgage broker?

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Any recommendation for a mortgage broker?

Postby sparks » Thu Apr 07, 2011 3:25 pm

My ppty loan is due for refinancing soon. Anyone got recommendations for a sound mortgage broker?

sparks
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Re: Any recommendation for a mortgage broker?

Postby Gauti » Fri Apr 08, 2011 12:07 am

sparks wrote:My ppty loan is due for refinancing soon. Anyone got recommendations for a sound mortgage broker?

You should elaborate more to get a relevant answer . Where are you from and what kind of broker you need .

Gauti
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Postby rydy » Fri Apr 08, 2011 3:09 pm

For re-financing, I dealt with the bank directly everytime, never through the broker.

Can you not contact the banks? Their rates are transparent and quite easy to do comparison between loan packages.

Or am I missing something here...?

rydy
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Postby sparks » Fri Apr 08, 2011 3:40 pm

Mortgage brokers do all the work for you by comparing the packages across different banks & recommend the best one for you. Instead of me calling up the different banks for quotes, this saves me lotsof time talking to banks & analysing the packages. They get paid by banks. From what I've read, some could even negotiate better packages than what banks provides. I don't know how true this is though.

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Postby MMM » Fri Apr 08, 2011 3:59 pm

We were hesitant to go to a mortage broker as we would have to hand in our information to them iso bank directly??? The key is we don't find it appropriate to reveal so personal information to a 3rd party.

I just did the refinancing. Call our current bank to negotiate. Then did some comparison with other banks and try to renegotiate with them. If they are keen to retain, they would help. In the end, we decided to stay with them. Even though they do not offer the lowest rate in town, sometimes it's the banking relationship that matters too.

Personally, I like Citibank as unlike some local banks that we deal with as well, they do not insist on admin/ conversion fee when doing refinancing. They usually build into contract that if we manage to keep to the agreed period, that is waived. Such fees are around $500. So far, I find they are more eager to please.

MMM
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