Well folks it's just about time for me to revalue everything and see if I can obtain some more money. You know the situation I guess. About 5 years ago I had most of my loans through a mortgage broker who incidentally is my ex bank manager. He was great. Everytime I wanted a loan he seemed to be able to provide it. However a couple of years ago I thought I would approach my bank and see if they could do any sort of other deals and to my suprise they came up with a good offer which I accepted. All this happened very quickly and I am still happy with the result. When I told my mortgage broker that I had gone directly to the bank he was a little upset and I asked Why?
He said" because now I lose all of the ongoing commissions and may even have to pay back some of the original charges on the loan". I always understood that there were fees and charges but I hadn't realized that they receive commissions for the life of the loans. I would like to know whether somehow that commission gets put back onto the loan in the way of fees and charges by the bank. Does anyone know?
Finally I received a call yesterday from the brokers secretary asking me if I was thinking of getting another loan and I replied "yes". She told me she would get the broker to ring me when he gets back from holidays and organize a time to meet up. I still have one loan through his office. My question here is If I have a good relationship with the bank Do I really need to use the broker or are there other benefits in using one? I know this is long winded but I would appreciate your views. Thanks
Househunter
He said" because now I lose all of the ongoing commissions and may even have to pay back some of the original charges on the loan". I always understood that there were fees and charges but I hadn't realized that they receive commissions for the life of the loans. I would like to know whether somehow that commission gets put back onto the loan in the way of fees and charges by the bank. Does anyone know?
Finally I received a call yesterday from the brokers secretary asking me if I was thinking of getting another loan and I replied "yes". She told me she would get the broker to ring me when he gets back from holidays and organize a time to meet up. I still have one loan through his office. My question here is If I have a good relationship with the bank Do I really need to use the broker or are there other benefits in using one? I know this is long winded but I would appreciate your views. Thanks
Househunter