Have Your Say On Your Mortgage Broker?

Home sales have sharply dropped in 2016 compared to the past three to four years. Many Realtors are now scrambling to find homebuyers. What are many of the Mortgage Brokers doing? The same thing, as when home sales slowdown, so does their business. I am now seeing it start all over again! Mortgage Brokers with signs on their cars or advertisements stating that they can help you find a house. Not always, but most of the time, they have a large stake in seeing that you buy the house of their choice, not exactly yours.

Surely not in your best interest, but theirs. I see the advertisements way too often!

A Mortgage Broker will be featuring a home that he say’s you can get with $0 down and low payments. Beware! There is an excellent chance that he is marketing the house for a property investor that has offered to pay him/her a nice little sum of money if the Mortgage Broker finds a buyer for the house and closes the deal. Usually, these houses were once a foreclosure.

Ninety percent of the time they are a low-quality house that has not been kept up. In researching the title, you may find the house has a very long chain of title over the past 6 to 24 months. These houses get flipped around from one property investor to the next.

The end owner usually owes more than it is worth.

The owner/seller needs to get rid of it, so he employs a less than reputable mortgage broker to market the house to someone that possibly just doesn’t understand the market well. The mortgage broker usually pumps up the actual value by having the appraisal stretched by a less than the reputable appraiser.

What happens if you follow his lead?

  • You pay to much for the house.
  • You get less than desirable mortgage terms.
  • You’re stuck in a house, as well as a mortgage that you cannot sell out of if you need to!

This is bad news! It happens way too frequently. Mortgage Brokers like this are “Predators!” Please believe me when I say that they have not your best interest in mind, but their own!

Where finding a mortgage to fits?

This is where finding a mortgage to fits your needs comes in. My advice is to carefully choose a mortgage company or mortgage broker that offers more than traditional cookie cutter home financing solutions. Be sure to choose a company that has a good reputation, not to mention an experienced staff. Be sure that the loan officer that you select has years of experience in doing mortgage loans.

It is safe to say that if you do your research and select a good mortgage company or mortgage brokers Melbourne, you will find a mortgage payment that you can afford. You will also find terms that will allow you to get the home that you desire. Home prices do not appear to be going down in the USA market for sure. So by carefully selecting a home at a good price and a mortgage designed to fit your needs will more than likely prove to be a very good decision for you and your financial future.

If you see the signs that say “mortgages” “we sell houses” “ask me about a home with $0 down”. Run, don’t walk away from them! Beware! Check Mortgage Brokers Melbourne at {www..mortgagebrokerco.com.au}

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