Looking for a Mortgage Broker

[Itsamansworld]

My mortgage is up for renewal on my commercial property and I have been told that a mortgage broker is a good alternative to the bank. They are currently offering me a rate of 4.5% for a three year term.

The business, equity and everything accounting wise is extremely solid.

My question is I have never dealt with a broker so how do I find a reputable one and what should I be aware of.

Thanks for your help.

 

[39ajaxmale]

I was a mortgage broker for many years. I never pushed a 5 year term - I kinda prefered to make a commission a lot more frequently than 5 years. I was more a 2 - 3 year term guy, but I was also trying to protect clients from locking into a long term higher rate than they wanted. WIth current interest rates, I'd say lock in.

As for a good company to deal with, Invis is a top notch mortgage brokerage. They're definitely industry leaders in reputation. I'd look them up.

 

[39ajaxmale]

The reason I didn't recommend a particular firm is that I think it really depends on the broker him/herself as opposed to just the firm that they are with. Would you not agree?

In 90% of cases yes. However Invis holds their brokers to a higher standard. All deals must be internally approved before being sent to a lender. If there is ANY illegitimacy in their dealings, they're out. They police themselves.

When I was a broker, this was the dealer I wanted to work for. They weren't hiring when I came into the industry and got stuck with a company I later regretted dealing with. They were a big name too, you've even probably heard their ads on the radio.. When I left the industry, I left all my referals with a friend at Invis.

 

[39ajaxmale]

Go see Harold the Jewelry buyer. He does mortgages now and in his ads never doesn't look sketchy at all.

I've met Harold. Stand up guy. Quite in line with most mortgage brokers. His rates are probably in the 9.0% range.

 

[great bear]

People become mortagage brokers after being a failure as a bank manager, real estate sales, Avon sales, pyrmiad sales, penny stock brokers, aluminum siding sales. They are the creme de la creme.

 

[39ajaxmale]

People become mortagage brokers after being a failure as a bank manager, real estate sales, Avon sales, pyrmiad sales, penny stock brokers, aluminum siding sales. They are the creme de la creme.

You left mutual fund salesmen out.

 

[great bear]

You left mutual fund salesmen out.

Only because they are a step above mortagage brokers. But only a small step.

 

[great bear]

See, this is the thing. There are many brokers that are like this, but I have met GOOD ONES, like really good ones. It's just a matter of finding them.

Similar to finding gems on backpage??

 

[great bear]

A great example. I'm setting up MBRB, the Mortgage Broker Review Board, right now. We'll evaluate interest rates, service, willingness to "fake" numbers and a general desire to bend over backwards.

Tees, the Bear has run into about 12 of them in the last few years. Ten were absolute scum bags. One of the ten was actually a lawyer who thought he could make more hustling money as a broker. Two were actually decent people who would not screw you. To compare used car salesmen to brokers is an insult to the used car industry.

 

[durexguy]

RBC 3.65 3yr Term Industrial Property..... 3 months is what I acheived

 

[Tangwhich]

Tees, the Bear has run into about 12 of them in the last few years. Ten were absolute scum bags. One of the ten was actually a lawyer who thought he could make more hustling money as a broker. Two were actually decent people who would not screw you. To compare used car salesmen to brokers is an insult to the used car industry.

Not arguing with you, but how do they screw you? I've never used a broker, but if I did, I couldn't care less if he was the biggest prick I've ever met, as long as he gets me the best rate.

 

[great bear]

Not arguing with you, but how do they screw you? I've never used a broker, but if I did, I couldn't care less if he was the biggest prick I've ever met, as long as he gets me the best rate.

Its just that the people I know who have gotten into that game were mostly low lifes before getting thier brokers licence.
I can only assume they still are low lifes.

 

[39ajaxmale]

Its just that the people I know who have gotten into that game were mostly low lifes before getting thier brokers licence.
I can only assume they still are low lifes.

So what you're saying is.. the profession didn't make them scum bags, they were scum bags who choose that profession? That scum bags have a natural draw towards employment as a mortgage broker?

When you say you 'ran into them' you're not saying you did business with them, so as business associates you don't know how they would perform, but because of your pre-disposition to these people as scum bags you just assume they would remain scummy?

Sounds like a lot of generalizations regarding people, not their jobs. They just happen to choose a job as a mortgage broker.

In my experience with mortgage brokers, they would lie, cheat and steal to get a deal. They would get falsified paperwork, they would work with guys at banks to get fake letterhead for job letters, they would have multiple cell phones and 'Front' as a job verification. They would do all this for a $3-4000 commission. Their clients.. they were lying and cheating, because all the broker cared about was the commission and getting a person into a house. They didn't care if they went bankrupt afterwards, because they were unemployed, had falsified job records etc..

I personally refused more mortgages than the entire company I worked for over a 4 month period, based on my integrity. Of those refused mortgages, I know at least 2 (of roughly 10) got done by other brokers in my office. I know at least one of those lost their house within a year.

If you want to talk about the scum, don't generalize.. there's real examples out there.

 

[great bear]

Yep, low lifes are attracted to becoming mortgage brokers. Perhaps its a road to easy money. Perhaps the qualifications are low to get into it. Hell, one of the guys I was referring to was my former bank manager. He got fired from the bank because of fraud. Applies for a mortgage licence and get accepted. The industry is crawling with bad acts. Looks like you have seen your share of them. GB