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Mortgage broker or direct to bank

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  1. #1

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    Mortgage broker or direct to bank

    Any benefits to dealing with a mortgage broker versus directly applying at banks?

    Thanks.


  2. #2

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    Yes, one to start with...

    Mortgage broker consolidates data from banks and puts all offer in front of you vs you run to individual banks to get an offer..


  3. #3

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    Quote Originally Posted by ndt:
    Yes, one to start with...

    Mortgage broker consolidates data from banks and puts all offer in front of you vs you run to individual banks to get an offer..
    Ok, but for more context let's say I already got consolidated data and went to talk to the banks with the best offers directly. The banker then advised me on the best way to proceed with the application. Any benefit in returning to deal with mortgage brokers in this case?

    Like are they able to negotiate a better interest rate, better rebate, or perhaps some other benefits I'm unaware of?

  4. #4

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    No way you have talked to all the banks.. The large brokers get very regular updates from any and all banks on their latest offers and promotions.

    The smart choice is to consider what a broker can offer you. They're not going to put a gun to your head to accept...


  5. #5

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    Quote Originally Posted by shri:
    No way you have talked to all the banks.. The large brokers get very regular updates from any and all banks on their latest offers and promotions.

    The smart choice is to consider what a broker can offer you. They're not going to put a gun to your head to accept...
    True, I didn't talk to all of the banks - I talked to the ones recommended by a broker, though since he claimed those banks generally give the best offers.

  6. #6

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    Now check with the mortgage broker and see if they give exactly same offer from those banks, try to wink-wink nudge-nudge a bit and let us know if you get something better..

    shri and hk.main like this.

  7. #7

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    Are you gettting interest rates around P - 2.25%, H + 1.3%, with cash rebate around 2.7% + $12000? If so then you are likely getting close to the best deal possible and you may not want to mess around with a broker. But if you are not getting this, pressure your bank or speak to a broker. Yes you can negotiate a better deal and tell them you will go another bank instead if they dont give a better deal.

    Name:  hkmortgage.jpg
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  8. #8

    For sure. Go to a few banks.....then go to the broker with the absolute best deal you think you can get ......then get the broker to beat it! Nothing to lose, right?

    shri and hk.main like this.

  9. #9

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    Quote Originally Posted by bdw:
    Are you gettting interest rates around P - 2.25%, H + 1.3%, with cash rebate around 2.7% + $12000? If so then you are likely getting close to the best deal possible and you may not want to mess around with a broker. But if you are not getting this, pressure your bank or speak to a broker. Yes you can negotiate a better deal and tell them you will go another bank instead if they dont give a better deal.

    Name:  hkmortgage.jpg
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    Haha, coincidentally I have spoken to this exact broker before - my loan amount (<8m) is too small to qualify for the $12000
    bdw likes this.

  10. #10

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    Quote Originally Posted by ndt:
    Now check with the mortgage broker and see if they give exactly same offer from those banks, try to wink-wink nudge-nudge a bit and let us know if you get something better..


    Quote Originally Posted by becomjapanHK:
    For sure. Go to a few banks.....then go to the broker with the absolute best deal you think you can get ......then get the broker to beat it! Nothing to lose, right?
    Good ideas, and for sure - nothing to lose.

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