Refinancing Home Mortgage
In: Mortgage Payment
21 Sep 2010I am a real estate investor. I accepted an offer for a 7-plex.
My two questions are:
1st Is it ethical to two mortgage brokers I know, contact them and ask, both on my mortgage application the same without her broker about the others? Terms of a mortgage application with two of them? I only saw these different financing terms that I get myself to a competitive mortgage and are not used. I wonder if the problem with one of them first, so I expect the first answer, I might risk losing face, because I only three weeks to have the financing conditions release. It is acceptable, two mortgage brokers from different companies are working to have the same time on the same case for me? So if one of them wants a fee double the other broker, for example, I tell him no thanks. this type of building is a lot of work for the mortgage broker that I would feel bad saying no, he gives a positive response to the end, just because another dealer offered me a better financing terms. On the other hand, as I said I would like the opportunity to have a broker who arranged to deny a fee or a bad financing terms! In addition, brokers will be able to say / I know somehow that applied elsewhere in parallel?
2nd A broker wants $ 6,000 to fund a seven-plex that the cost of arranging only 350,000! He said they charge $ 6,000 and the highest 1% of the purchase price. unfortunately, if I pay 6000 of 350,000, which is about 2% of the purchase price! Is this a reasonable fee for a commercial property or is it too expensive?
I almost do not know where to start. You have two people working for you and you intend to start someones 1-2 months work in the sewers. Only one woman asks, ethical.
To answer your questions;
Broker, if have half a brain, they will find before you close your transaction. You will be able to see that there is another lender pull your credit.
What should you do;
Everyone wants you their best, tell them you have the level of payment, interest rate and your total lender fees. They should these numbers in the first week. You need to take charge with mortgage brokers. You have to use natorious, people who do not need, take accurate # ’s.
Tell them that you speak with another broker and observe
to reduce costs and lower their prices to your business.
Brokers charge PNT atleast for the loan. In some cases where the loan is low, it will be fresher. My advice would be to talk to each other and they will reduce their costs.
This is about mortgage information questions.
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