Friday, 17 July 2015

Mortgage Brokers & Fees

Ever wondered what it costs to have a personal financial assistant spend hours carefully research your best options and craft a unique, custom-tailored mortgage solution just for you?

Well, you're in luck because today we're going to discuss exactly that, here are the costs of using a mortgage broker:

The Great News!

For the majority of my clients applications, I do not charge you anything. That's right, no cost to you. Similar to cell phone providers(as an example), I am paid by the mortgage providers who administer and provide you with your mortgage. It's my job to go out, find suitable borrowers like you, and to find the best solution for your needs. I then bring your application to the lender who suits you best, and they pay me a fee for arranging the details.

I get to be the trusted point of contact for my lenders as they know it's in their best interest to have someone locally that clients trust and who will do the best job possible to represent them.

Another important thing to note is that the fees paid to me by the various institutions are all quite similar, meaning that my only reason for suggesting a particular lender or product is to get you a better rate or terms. Your needs always come first and foremost!

As part of the fee paid for my services, I am here to provide plenty of options and to discuss with you the different rates, programs, and penalties/fees associated with all the different options. This allows you to be certain you are getting the best fit for you and I welcome you to be an active part in the process and decision making when it comes to your mortgage.

The Minority

There are and always will be some cases in which mortgage brokers do charge a fee to the borrower. If this is the case, I will always inform you up-front and well in advance so that you know what to expect and why there could be a fee involved.

A fee may be charged in the case of arranging a mortgage with a private lender for example, or in the case of commercial mortgage lending. In these unique circumstances, it is best to discuss the situation with your broker in person as the fees and the reasons for having to charge them can vary greatly from one instance to the next.

The Bottom Line

While mortgage brokers do not charge fees directly in most cases, I place great value in my clients time and the trust you place in me to do the best job possible. I will always be here to provide unbiased advice, regardless of who is paying or how.

Hopefully this helps you make sense of how and why we are able to offer no-obligation, no-fee consultations and annual mortgage reviews. If there is an opportunity to make a beneficial change to your mortgage, we are here to help. And if your current mortgage turns out to be the best fit for you, I will be here to reaffirm that decision and to help negotiate and represent you if there are ever any problems to be resolved with your lender.

To book your free appointment now, please Contact Us Here

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