Honesty is the most important aspect of dealing with mortgage brokers. Unfortunately not all brokers are forth coming with certain information that would allow you to trust them and make an informed decision about the deal they recommend. Dont get me wrong not all mortgage brokers are bad. Just dont underestimate the influence that commission has on their recommendations. And, as always there are bad eggs in every industry.
Being aware of the following broker sins will help you pick a trustworthy broker and make sure they get the best deal for you. Most importantly, dont be afraid to ask questions.
Sin 1: Favouring their loan product.
You need to be aware if the mortgage broker is also a lender, i.e. do they have their own loan products? If they do, and they offer there own product, there needs to be a clear, understandable reason why their product is the best choice for your situation.
Sin 2: Being influenced by commission.
Brokers get commission from the lender you end up borrowing from. You need to ask if the broker has special incentives for referring you to a specific lender i.e., do some lenders pay more commission? If so, this may lead...
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