Pre approval finance

[snivag]

Hi was just wondering, we have had a mortgage broker come today to get us pre approval for finance, do we get more than one mortgage broker to quote for us, (I was thinking different brokers will have different lenders), and then when we purchase a property pick the best deal. Feels a bit unethical for the time and effort they seem to put in. I am presuming they don't get paid on application of the loan, only on me signing a contract.

snivag

 

[wylie]

I would think that if you were comfortable with the broker you saw today, wait and see what he offers you.

If he comes up with a loan that you are happy with (not just the interest rate, but flexibility, set off accounts etc) then going to another broker would seem (to me) to be a waste of your time and theirs.

It's not like shopping around to get the best price on a fridge.... but if the broker today disappoints you, my next move would be to contact one of the many brokers on Somersoft.

 

[Jamie M]

If you feel they've done a good job and can offer you a product that's fit for your purpose then stick with them. Like the other poster said, shopping around for different brokers (if the first one was right for you) is time wasting for all involved - spend this time searching for a good property deal

 

[alexlee]

Hi was just wondering, we have had a mortgage broker come today to get us pre approval for finance, do we get more than one mortgage broker to quote for us, (I was thinking different brokers will have different lenders), and then when we purchase a property pick the best deal. Feels a bit unethical for the time and effort they seem to put in. I am presuming they don't get paid on application of the loan, only on me signing a contract.

Actually they only get paid if you take out the loan through them.

What do you care, anyway? You're not paying them, the bank is. By all means interview a few brokers and see which one you're comfortable with, but I doubt their 'deals' will be that much different. They'll all have access to the major lenders.

What do you think is unethical about the time and effort they put in? Especially considering you're not paying them directly, and you haven't even started the process yet?

 

[Spectre]

If you feel they've done a good job and can offer you a product that's fit for your purpose then stick with them. Like the other poster said, shopping around for different brokers (if the first one was right for you) is time wasting for all involved - spend this time searching for a good property deal

Well said. Easier to do a 30 minute teleconference

 

[Rolf Latham]

The primary comment O would make would be more relted to you than the broker(s)

Understand that everytime u put up a loan for a pre approavl you may get one step further away from actually being able to buy a place.


Choose one person whom u cana relate to and stick wth them.

running around getting different preapproavls can sink your credit score reallt quickly
ta
rolf

 

[snivag]

Thanks for the replies, this is very new to me, just seeing what generally people do.
Snivag

 

[jacbmw]

as mentioned, I wouldnt shop around for pre-approvals, but I definately would screen/shop around for a broker who is a good communicator, is honest, does what they say they are going to do, and is onwaivering in their persistance in dealing with banks when deals are at risk of been compromised by a Bank who is slow to act (which in the tough to get at money market we are currently in) is all to common!!!!!!

Test them out in a informal meeting, where you give them details of your situation, really quiz their work ethic etc, but stop short of getting them to submit any applications...

 

[Giddyup]

As part of a preapproval I recently received, I had to sign a form basically saying if I go through the process with Broker A, then go to Broker B and get a loan, then Broker A gets to recoup costs.

 

[reeco]

Actually they only get paid if you take out the loan through them.

What do you care, anyway? You're not paying them, the bank is. By all means interview a few brokers and see which one you're comfortable with, but I doubt their 'deals' will be that much different. They'll all have access to the major lenders.

First part not a blanket rule anymore. Do a search for Momentum Wealth.

Second part. The deals certainly can be different. Just ask Mr vested interest. He always floating about.

You can only become a Platnium Broker with NAB from increased traffic
Being a Plato broker gives you an open gate to 95 LVRs and other "added bonuses"

To get those "bonuses " you need to sometimes overlook others.