A significant number of mortgages in the country are now insured, and with good reason, by mortgage brokers. The borrower will be given lower rates and a broader range of loan services than most local banks or credit unions through an honest mortgage broker. There are those who are not as ethical as they should be, although most loan officers are trustworthy, reliable professionals.Checkout Sydney mortgage broker for more info.
Both trustworthy mortgage brokers take the best interest of their clients into consideration and put their commission in second place. This not only means that the customer gets the best possible offer, but also helps them develop their referral base by delivering genuine, reliable service that individuals are pleased to tell their friends and family about. There are loan professionals, though, who feel just the contrary and are just motivated by fees and will do anything to get the best they can from their customers.
The tricks that many crooked brokers use to get high commissions are popular. Usually, such tricks include changing the interest rate at closing and hoping that the customers will only close anyway. Changing the terms of the loan or converting at closing from fixed to flexible mortgages and again hoping that the customers would only close the loan and be finished with the operation.
You will know how genuine your mortgage broker really is by asking your mortgage broker for a signed good faith estimate and an interest rate lock letter within 3 days of applying for the loan. A good loan officer recognises that at least the signed good faith estimate must be given to you by law and the rate lock letter is only a hopeful indication of good service. In general, a deceptive broker would choose not to supply you with these things and instead double talk about the request for them.
CONTACT INFO :
PLAN A Mortgage
3/55 Pyrmont Bridge Rd, Pyrmont , NSW 2009
Phone No. : 1300 619 752