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Mortgage Cycling - The Mortgage Broker's Enemy

Jul 24, 2008
Mortgage brokers are changing in modern times and they really are taking on the traditional mortgage brokers. As we enter into a new era of recession people want to make savings as consumers and that includes when looking for a mortgage. You may be used to being hassled when trying to organize a mortgage but things just don't work that way anymore.

At last there is a new alternative and he is called the Mortgage Seeker. You really will feel that every fine detail is there in big black bold letters. You really feel as though you are dealing with somebody from a genuine professional institution and they will always go to the trouble of signing a sealing a contract that states the amount to be paid in commission and they certainly wouldn't later try and get further fees from you, like their colleagues do in the traditional sector.

These guys don't even reveal these financial details until after your application has been submitted so you will find it difficult to balance your books. Conventional lending firms will add a markup to the wholesale rate of the mortgage to make their profit. If you do get several quotes and one appears to be a lot lower than the rest, then beware of what might come after.

While conventional mortgage brokers don't always have the best interests of their customers in mind, upfront mortgage brokers gain nothing by providing their borrowers with anything other than the mortgage that best suits their needs.

You will even get back third party rebates from a upfront mortgage broker whereas the bad guys will just pocket it. In my opinion honesty is always the best policy and the whole set up of the upfront mortgage broker can only allow that. This, with a bit of luck can change the way things have been done up until now and mortgage seeking will no longer be something to put off.
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