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Mortgage brokers

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  • 16-09-2012 5:36pm
    #1
    Sinker
    Registered Users Posts: 31 ✭


    Hello,

    we are in search of a property to buy at the moment. We have already had a first meeting with the bank and they gave us an estimated figure of what we can borrow. We also tried to get info from other banks online re their interest rates etc. but it is not easy to know what is the best choice for us as we are not experts.
    So, I wonder if anyone can tell me here or by PM about mortgage brokers, their experience with them, if they are helpful, how much they charge, if they charge (because I heard that they get paid from the bank you will eventually sign with)..

    Thanks
    Tagged:


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    There are numerous good mortgage brokers out there who still do not charge clients a fee. The majority of banks halved commissions paid to brokers a number of years ago but are still paid for introducing business. In effect, a Broker is paid by the bank to meet a client, assess their application, put the application together and produce a recommendation as to why the application should be approved by a particular lender. The reason Banks pay brokers is that they don't have to pay their own staff to do this work on their behalf. A Broker will be happy to go through the levels of commission received from any lender and also the list of lenders they hold agencies from.

    Going to 'a bank directly' is the same as going to a broker who is tied to one lender. Brokers job is twofold, firstly to get you the amount you need and secondly to get it at the cheapest possible rate. Go to a good broker and then talk to the banks they don't deal with directly.


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    #3
    Victor
    Registered Users Posts: 78,352 ✭✭✭✭Victor


    thos007 wrote: »
    hi smccarrick,
    I have to say Im absoloutely dismayed that a moderator could come out with such rubbish. If your other 14,499 posts are anything like that you should do Boards Members a favour and throw out your computer.
    Moderators are users also. Both are human. Obviously a mistake has been made under the 'attack the post, not the poster' rule.

    Moderator


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    #4
    Sinker
    Registered Users Posts: 31 ✭Sinker


    Thank you all for your replies.
    One of the real estate agencies we are dealing with gave our tel number to a broker who called us. When we explained that we went to AIB for an initial talk, he told us that this is the bank he would propose to us and that he cannot undertake our case as we have already expressed the interest to the bank by ourselves... :S Is that true? Can't we still use a broker?


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