Comments on: My Mortgage Broker Post Didn’t Sit Well With This Mortgage Broker http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 25 May 2012 00:18:02 +0000 hourly 1 http://wordpress.org/?v= By: mortgage-broker » Blog Archive » My Mortgage Broker Post Didn’t Sit Well With This Mortgage Broker http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-140441 mortgage-broker » Blog Archive » My Mortgage Broker Post Didn’t Sit Well With This Mortgage Broker Sat, 15 Sep 2007 14:22:47 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-140441 [...] This time it was Don’t Get Taken Advantage of by Your Mortgage Broker. Fellow blogger and mortgage broker, David Porter, left this comment regarding that post: JLP, I know it is fun to bash the mortgage […] … …more [...] [...] This time it was Don’t Get Taken Advantage of by Your Mortgage Broker. Fellow blogger and mortgage broker, David Porter, left this comment regarding that post: JLP, I know it is fun to bash the mortgage […] … …more [...]

]]> By: Rob http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-110697 Rob Tue, 05 Jun 2007 20:23:22 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-110697 Mr. Porter's reaction is typical of someone who is in the business of charging premium prices selling a product that is quickly becoming a commodity. His arguments are the same as those made by dinosaur stock brokers that charge $150 a trade and are trying to (unsuccessfully) convince you that there is some value added to the service that Scottrade doesn't provide for $7. All I care about when looking for a mortgage is who can provide the best terms. You should always go for the cheap unless you are actually getting something for the extra money. I didn't take from his reply a single value-added service that mortgage borkers actually provide. Mr. Porter’s reaction is typical of someone who is in the business of charging premium prices selling a product that is quickly becoming a commodity. His arguments are the same as those made by dinosaur stock brokers that charge $150 a trade and are trying to (unsuccessfully) convince you that there is some value added to the service that Scottrade doesn’t provide for $7. All I care about when looking for a mortgage is who can provide the best terms. You should always go for the cheap unless you are actually getting something for the extra money. I didn’t take from his reply a single value-added service that mortgage borkers actually provide.

]]> By: savvy http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-110041 savvy Mon, 04 Jun 2007 17:28:39 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-110041 I like how a mortgage broker is upset that you are advising people to do their homework before obtaining a mortgage. My recent investment property purchase led me to contact several mortgage brokers. Out of the four brokers I contacted, three were either downright crooks or complete morons. I did however find an excellent broker who I would do business with again. He encouraged me to do a lot of research and gave me multiple options, as well as the cost breakdowns of each. I like how a mortgage broker is upset that you are advising people to do their homework before obtaining a mortgage.

My recent investment property purchase led me to contact several mortgage brokers. Out of the four brokers I contacted, three were either downright crooks or complete morons. I did however find an excellent broker who I would do business with again. He encouraged me to do a lot of research and gave me multiple options, as well as the cost breakdowns of each.

]]> By: The Unknown Professor http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-110025 The Unknown Professor Mon, 04 Jun 2007 15:50:19 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-110025 If your readers want more "inside" info on the mortgage industry, there's no place better than Dan Melson's Searchlight Crusade at http://www.searchlightcrusade.net He does a great job of breaking down the mortgage process, and does a lot of cross-referencing of his posts so you can easily find useful related pieces. If your readers want more “inside” info on the mortgage industry, there’s no place better than Dan Melson’s Searchlight Crusade at http://www.searchlightcrusade.net
He does a great job of breaking down the mortgage process, and does a lot of cross-referencing of his posts so you can easily find useful related pieces.

]]> By: chicago auto insurance http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-109994 chicago auto insurance Mon, 04 Jun 2007 12:41:36 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-109994 You must be the best bad guy hunter i have ever known in the online world. It's nice to know that there are still people like you these days. i just hope you don't get me for plagiarizing in my early blogging career back two years ago. You must be the best bad guy hunter i have ever known in the online world. It’s nice to know that there are still people like you these days.

i just hope you don’t get me for plagiarizing in my early blogging career back two years ago.

]]> By: Jonathan http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-109681 Jonathan Mon, 04 Jun 2007 07:02:50 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-109681 "Don’t get taken advantage of by your mortgage broker implies that you will be taken advantage of." To me, that simply implies that you <b>could</b> be taken advantage of. Which is true. “Don’t get taken advantage of by your mortgage broker implies that you will be taken advantage of.”

To me, that simply implies that you could be taken advantage of. Which is true.

]]> By: The Blackhat http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-109626 The Blackhat Sun, 03 Jun 2007 21:57:06 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-109626 Well done...David Porter...thats the spirit lad. Lets continue the constructive work around here. Well done…David Porter…thats the spirit lad. Lets continue the constructive work around here.

]]> By: Chris http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-109619 Chris Sun, 03 Jun 2007 21:21:41 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-109619 I didn't see anything in the article that was necessarily bashing mortgage brokers. All consumers should be suspicious of people in these types of industries, from car salesman and financing to mortgage brokers. Why? Because being suspicious, educating ourselves, and not taking a broker on his word for granted is the only defense we have. There is a huge potential for being taken to the cleaners. I am absolutely sure that most brokers are honest. This isn't personal, its business. Articles like the one you wrote are intended to protect us from the small percentage of brokers out to make an extra buck at the expense of the consumer. Trust is not something that is assumed, it is something that must be earned. And unfortunately, most people do not buy houses very often, so unless you find a broker that comes with many references from people you DO trust, where is that trust supposed to come from? I think that's just an unfortunate result of working in the industry. Also, why should we not be looking for the cheapest broker, the cheapest mortgage? Even if we go with a more expensive lender that will 'treat us right', it can easily be sold off to some other bank. Consumers should be shopping around on their own, not putting all their trust in one broker. I didn’t see anything in the article that was necessarily bashing mortgage brokers. All consumers should be suspicious of people in these types of industries, from car salesman and financing to mortgage brokers. Why? Because being suspicious, educating ourselves, and not taking a broker on his word for granted is the only defense we have. There is a huge potential for being taken to the cleaners.

I am absolutely sure that most brokers are honest. This isn’t personal, its business. Articles like the one you wrote are intended to protect us from the small percentage of brokers out to make an extra buck at the expense of the consumer. Trust is not something that is assumed, it is something that must be earned. And unfortunately, most people do not buy houses very often, so unless you find a broker that comes with many references from people you DO trust, where is that trust supposed to come from?

I think that’s just an unfortunate result of working in the industry.

Also, why should we not be looking for the cheapest broker, the cheapest mortgage? Even if we go with a more expensive lender that will ‘treat us right’, it can easily be sold off to some other bank. Consumers should be shopping around on their own, not putting all their trust in one broker.

]]> By: JLP http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-109607 JLP Sun, 03 Jun 2007 20:35:56 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-109607 Foobarista, Yeah, I couldn't tell you the name of the mortgage broker that we worked with when we bought our house nearly 8 years ago. Foobarista,

Yeah, I couldn’t tell you the name of the mortgage broker that we worked with when we bought our house nearly 8 years ago.

]]> By: Foobarista http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/comment-page-1/#comment-109602 Foobarista Sun, 03 Jun 2007 19:53:35 +0000 http://allfinancialmatters.com/2007/06/03/my-mortgage-broker-post-didnt-sit-well-with-this-mortgage-broker/#comment-109602 I used to read "The Motley Fool" mortgage group and there were some mortgage brokers there that gave generally good advice, and who seemed quite ethical - although they did have a fondness for talking down fixed-rate mortgages that I didn't like. But one thing I didn't quite get is their idea of having a "relationship" with a mortgage broker: this seemed to be one of their primary ideas, and it would seem to me that, unless one is an active real-estate investor, one shouldn't be doing enough mortgage transactions to need a "relationship". Another problem is that a "good" mortgage broker to many would be the one that got them into the biggest house with the cheapest initial monthly payment with the least hassle. It's definitely not likely to be the one who said "you can't afford it"... I used to read “The Motley Fool” mortgage group and there were some mortgage brokers there that gave generally good advice, and who seemed quite ethical – although they did have a fondness for talking down fixed-rate mortgages that I didn’t like.

But one thing I didn’t quite get is their idea of having a “relationship” with a mortgage broker: this seemed to be one of their primary ideas, and it would seem to me that, unless one is an active real-estate investor, one shouldn’t be doing enough mortgage transactions to need a “relationship”.

Another problem is that a “good” mortgage broker to many would be the one that got them into the biggest house with the cheapest initial monthly payment with the least hassle. It’s definitely not likely to be the one who said “you can’t afford it”…

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