Questions about mortgage brokers

From: PT Bear


For my last loan, I went through a mortgage broker. The problem was that after sourcing and negotiating the loan, getting a point of contact within the bank was difficult.

Should a good broker be handling all of this for me? Can anyone give me an idea of the services a broker should be providing me?

Ideally, what I'd like is a single point of contact for my loan from application to settlement, and then to be introduced to a single person within the lending institution who will handle all my loan enquiries from that point on.

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Reply: 1
From: Rolf Latham


This ca be a real hassle. In most instances a single contiguous poitn of contact with a bank over 12 to 18 months canbe very hard.

Yes there are personal bankers, some hang around like chewing gum on your shoe, but generally 12 to 18 months and they are moved to another branch etc,.

The best I can suggest is a good indepenedent broker that will take up the running for you.

While some lenders DISCOURAGE broker contact after loa approval, a good broker will go the extra mile and do what needs to be done, not just to settlement (when we finally get paid :eek:) ) but way beyond that.

An independent broker lives or dies by his/her word since referrals are 60 % of our bread and butter.



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Reply: 1.1
From: Victor Mann

agrees with rolf (yet Again)
In fact a i believe that you should few your broker as part of your lifetime financial team along with your accountant,financial planner etc. this kind association builds trust and a strong relationship which then provides both client and broker with a long term profitable partnership. a good broker will review his clients at least twice a year. This enables him to provide new information on possible advantageous finance products that may suit his client as his financial situation changes.
EG: client may have paid a substantial amount off loan together with an increased value in clients property allows a switch to a line of credit to either release equity or increase the speed that the loan is paid off.

Well at least that's how i do it.....

Good hunting

Victor Mann
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