- November 18, 2023
- Posted by: legaleseblogger
- Category: Related News
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Refinancing Home Loan: Questions and Concerns
Hello everyone,
I am currently in the process of considering refinancing my existing home loan, which I acquired through a broker. As I approach this decision, I have a few questions and concerns that I hope you can help me address.
Commission Variations and Incentives: I am curious to know if different banks offer varying commission percentages for brokers. My understanding is that brokers receive a trailing commission for the duration of the loan, and I am wondering if this incentivizes them to recommend a particular bank based on the commission they stand to receive. It would be helpful to understand if the commission rates differ significantly among various banks, and if so, how this might impact the recommendations made by brokers.
Direct Approach to Existing Bank: Additionally, I am considering approaching my existing bank directly to inquire about refinancing options without involving a broker. I am interested to know if this approach could potentially result in a better interest rate compared to refinancing through a broker. Any insights or advice on this matter would be greatly appreciated.
Refinancing Tips and Experiences: Lastly, I am seeking any general tips or insights based on your experiences with the refinancing process. Whether it be related to negotiation strategies, potential pitfalls to avoid, or success stories, I am open to any guidance that may help me navigate this decision more effectively.
AI Legalese Decoder: In this situation, the AI Legalese Decoder can be incredibly useful in analyzing and interpreting the legal jargon and complexities often associated with the terms and conditions of mortgage refinancing. By using advanced algorithms and natural language processing, the AI Legalese Decoder can help decipher the fine print of loan agreements, identify potential hidden fees or clauses, and provide clear and concise explanations of key legal terms. This can empower individuals like myself to make more informed decisions when navigating the intricacies of refinancing a home loan.
Thank you in advance for your assistance and guidance on these matters. Your expertise and insights are invaluable to me as I embark on this important financial decision. ƒÖÅ
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****** just grabbed a
Do both.
Brokers can often get the best deal, donÔÇÖt assume they always can.
Our broker gets special deals through non bank lenders for broker only products.. IÔÇÖd call a broker youÔÇÖre comfortable with. Less paperwork too just update payslips when needed.
You’ll get a better rate if you’re a refinance risk whether through a lender or a broker. Call your bank’s retention unit and say you’re considering going to XYZ and wanted to know if they can match (rate you saw online) and they usually will if it’s reasonable.
Brokers will try to get you the best deal available to them which is different to the best deal that exists as they don’t have access to everything, everywhere.
There’s also rumors where I work (big 4 bank) that they’re going to be pulling back on broker pricing since they already make basically nothing on broker and would rather everything come in house so we may see a trend with broker pricing being higher than direct to lender if the current fierce competition in home lending continues for any significant length of time.
I found calling the banks I was interested in, explaining refinance needs, and asking for a rate worked better than my broker. DonÔÇÖt go off rates online, banks can always do better.
Not sure why flair is investing, cant seem to change it.