Mortgage Brokers?

[Keebler Elf]

Is there a downside to using a lender found by a mortgage broker that is not one of the Big 5 banks?

For example, what happens if the lending company goes bankrupt? Is your mortgage fucked?

 

[GDLLover]

A mortgage broker just uses their contacts to shop around to find the best deal for you. Once you make the deal with the finacial institution the broker is out of the picture.

Its the same as using an employment agency to find a full time job. They find you a job and collect a finders fee, after that your on your own.

GDL

 

[Keebler Elf]

Ok thanks. But what's the reliability of the mortgage lender they find for you? You know the big banks aren't likely to go bankrupt but is there protection in place for other mortgage lenders?

 

[hunter001]

Ok thanks. But what's the reliability of the mortgage lender they find for you? You know the big banks aren't likely to go bankrupt but is there protection in place for other mortgage lenders?

My experience with Mortgage brokers has been generally positive. The mortgages that I have had arranged by brokers have been through subsidiaries of larger banks or lessor known banks in Canada. Brokers also get deals with some Insurance companies. It depends on the kind of mortgage you are looking for 1st, 2nd, 3rd.

 

[Mencken]

Ok thanks. But what's the reliability of the mortgage lender they find for you? You know the big banks aren't likely to go bankrupt but is there protection in place for other mortgage lenders?

If you are getting a mortgage you have the money. If the lender goes broke someone will keep collecting your payments. Doesn't really matter who.

 

[GDLLover]

My experience with Mortgage brokers has been generally positive. The mortgages that I have had arranged by brokers have been through subsidiaries of larger banks or lessor known banks in Canada. Brokers also get deals with some Insurance companies. It depends on the kind of mortgage you are looking for 1st, 2nd, 3rd.

I also have had positive results, I got one with Ing through a broker and it worked out fine.

The positive part is that if you go shopping at different banks/credit unions/ins then each time you apply, it degrades your credit rating, with brokers their shopping doesn't affecting your rating.

GDL

 

[freakshow]

If a mortgage company goes bankrupt someone else will buy their mortgages

nothing would change on your end

 

[Barca]

How do you think your mortgage will get "fucked"?

 

[dudey31]

Posts like this one make me wonder if alot of terb members are a bunch of middle aged losers who've never even owned a property.

 

[Hangman]

Same here, went with ING. The mortgage broker not only got me a great rate, but he was objective and helped me understand some of the features available in different products. The nice thing is, he doesn't care which financial institution you use; you're stil getting a mortgage, so he's happy to find you the one you want.

If I'm spending $300k, I prefer to get some solid advice from someone experienced.

 

[Keebler Elf]

Thanks all! Some good tips here.

 

[Keebler Elf]

Posts like this one make me wonder if alot of terb members are a bunch of middle aged losers who've never even owned a property.

Well, with the number of girls YOU'VE paid for sex and reviewed on this board I'd say the only middle aged loser here is YOU my friend.

 

[Questor]

Is there a downside to using a lender found by a mortgage broker that is not one of the Big 5 banks?

I would recommend shopping around. I was referred to a Canadian bank that is not one of the big 5. They gave me a much better rate than I would have gotten otherwise. If you are interested to know where I got mine, pm me.

Posts like this one make me wonder if alot of terb members are a bunch of middle aged losers who've never even owned a property.

Hey, have your really had a mortgage and owned property? We are all really impressed. Us losers are blessed by your presence. Maybe sometime you can tell us what its like to be a winner.

 

[freakshow]

Just remeber its not always about the rate, if someone is offering a discounted value rate there is a reason for it.