Mortgage Brokers - Mortgage brokers VS banks. - Canada

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RE: Mortgage brokers VS banks.

Postby AlysaLee » Thu Aug 18, 2011 10:45:23 PM

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. However as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular.
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RE: Mortgage brokers VS banks.

Postby sylvina » Thu Feb 17, 2011 08:07:38 PM

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A Mortgage is a complex bundle of rights, encumbrances and transactions involving primarily a lease, lien and loan issued through a Temporary Testamentary Trust known as a Cestui Que (Vie) Trust under Estate Law.

Components of Mortgage

The first component to a Mortgage is a Lease formed through the creation of a Cestui Que (Vie) Trust whereby the higher Estate such as a State, Territory or Nation conveys Title to the financial institution as Landlord and the borrower as Tenant. Leases within a standard Mortgage are usually fixed in term, such as fifteen, twenty years and sometimes for even a longer term. Once the lease expires, the Cestui Que (Vie) Trust dissolves and title returns to the higher Estate. Under modern Estate Law, A borrower of a mortgage is always a tenant, never an owner.

The second component to a Mortgage is a consensual Commercial Lien issued under Estate Law whereby a lien placed upon a Real Estate Deed and Title under Estate Law whereby a lender is granted certain Rights to seize Title over the Real Estate Property of the borrower, usually only after Foreclosure is granted.

As all Mortgages now are Commercial Liens issued under the Estate Law of Securitized Estates, it is now the banks and financial institutions that are legally considered the Executors and Administrators with the borrowers always considered tenants, whether the loan is fully paid or not.

The third component to a Mortgage is the loan which has two important elements, the principal representing the actual loan itself and the interest, lawfully representing rent of the tenant to the landlord.

Under Trust law and Estate Law the executives of financial institutions of Executors and Administrators under Estate Law are obliged to perform as duty bound officers of a Testamentary Trust and not materially alter any conditions of the Deed and Title which represents a formal Will. Deliberate fraud in altering a Deed and Will constitutes a most grave injury to the whole of Estate Law of the Roman System and if uncontested and unrepaired is tantamount to the open consent by the most senior Executors and Administrators of the highest Estates that the whole system is now null and void.

The Promissory Note and Application Form signed by a lender as part of a Mortgage is material to the Deed and Will of the Estate. Therefore, by Estate Law, any fraud or deception in materially altering the terms of the Testamentary Trust immediately disqualifies the executive from acting as Executor or Administrator with the financial institution assuming full liability.

Any inferior Roman court that openly permits the unrepaired and open fraud of Trust Law, Estate Law and the law of Wills by refusing to repudiate any financial institution that monetizes or multiplies the sale of a loan without consent or remedy to the borrower openly consents that the whole system of Roman Trust Law, Estate Law and Wills no longer applies and is null and void.

By definition, any Property taxes charged by the higher estate to the tenant are the direct responsibility of the landlord. Where a court seeks to foreclose on a property against the tenant and not the financial institution, constitutes a gross fraud and if unrepaired is an open consent that Roman Trust Law, Estate Law and Contract Law no longer applies and is null and void.

The sale of a "home" or "property" merely represents an assignment and then novation of lease with most mortgages permitting such conveyance providing the landlord of the higher estate can claim some form of compensation from the sale through taxes.

Providing a financial institution has not committed fraud against the Deed and Will of the Estate under which a Mortgage is applied against Real Estate, the institution must first seek a granting of Foreclosure before seizing the property. This is because the lender is their tenant under a fixed-term lease.

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RE: Mortgage brokers VS banks.

Postby john_11 » Fri Oct 29, 2010 02:57:12 AM

There are mortgage brokers, who work as middlemen between banks/mortgage lenders and borrowers on the wholesale end to secure financing for homeowners. And there are banks and lenders, that work directly with the homeowner to provide financing on the retail level.

There are pros and cons to both, and sometimes you will have little choice between the two if you have poor credit or a tricky loan scenario.

The majority of homeowners turn to banks when it comes time to get a mortgage. They are the most obvious choice, mainly because home loan services are usually offered at the customer’s primary banking institution.

However, borrowers who have trouble qualifying or need to finance tricky deals will often get turned away at banks. So for these people, using a mortgage broker is often the next best option. Of course, pricing with mortgage brokers can be just as competitive as a bank, so long as the broker doesn’t take too much off the top. Wholesale rates are actually much cheaper than retail interest rates you’ll get with banks.
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RE: Mortgage brokers VS banks.

Postby wringle » Mon Oct 11, 2010 09:08:10 AM

If you are looking for an REO (foreclosure), it's quite likely there will be some requirements of by whom a potential buyer must be pre-approved. They tend to frown on mortgage brokers and prefer a direct bank. It's not unusual to see a requirement that the buyer be pre-approved with "Joe Smith" from "Wells Fargo" at (phone number) or the offer will not be considered on a particular REO. If you are trying to go FHA, you need to work with an FHA-approved lender--of which Countrywide is one.

So end result -- depending on what you intend to buy and what type of program you need, it may be wiser to go with a big name bank. There's nothing wrong with a mortgage broker--in fact that's all I have used myself! You can be pre-approved by more than one entity though it will hit your credit each time, so don't shop the field too freely or it will impact your credit score.
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RE: Mortgage brokers VS banks.

Postby lora001 » Mon Oct 04, 2010 10:17:03 PM



When it comes to searching for the right kind of mortgage to meet your needs, you will probably come across a decision about who you should borrow from: Do mortgage brokers or banks make better lenders?

A mortgage broker is a mediator that facilitates the process of acquiring a mortgage for individuals as well as businesses. Essentially, they are like home loan supermarkets. Their broad access to lenders as well as their wide offering of various programs makes them a convenient source of help for many borrowers. If you have less-than-perfect credit or are in unusual circumstances, mortgage brokers can still find you the type of funding you need. Mortgage brokers will charge a broker's fee, which you should ask about and take into account when calculating your initial payments.

Mortgage brokers will typically originate, process, and pass the loan on to a lender who will subsequently sell it to an investor. They take commission and will have higher closing fees. Beware of gouging, as brokers have full discretion on how much they want to charge the borrower for processing the documents necessary for the loan.

Today, about 20,000 mortgage brokerage operations account for more than 80% of mortgages are issued by mortgage brokers in the U.S. The convenience and resources they offer to borrowers is the key to their popularity.

The term "mortgage banker" refers either to an individual loan officer who works at a bank or to the bank itself. They specialize in originating mortgages and selling them to investors and continue to service them. Both the origination and servicing processes require fees, which are the two primary sources of income for mortgage banks.

A key difference between mortgage banks and mortgage brokers is that banks have more of a standardized and set approach to setting fees. Bankers are told what fees to charge and are told not to stray away from them. This allows for more stability and prevents the borrower from being surprised when it comes to discovering what the fees for the home loan will be.

Now the question is which is the better option? The answer is quite simple: Whoever gets you the better deal. It should be noted that while some borrowers enjoy the comfort and help of having a mortgage banker see them through the life of their loan (though not all do), while others do not mind either way. This discernment, along with a thorough comparison of deals that you can get from mortgage brokers and bankers, should give you a fairly clear idea of which path to take.
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RE: Mortgage brokers VS banks.

Postby average_joe » Wed Dec 16, 2009 06:30:10 PM

The last bank you want to deal with is RBC. In my opinion from experience they are the most useless bank when it comes to customers concerns. The client care department and the ombudsman depart is a joke. I have friends of mine that have told me that they are very sneaky on how they conduct business. I don't expect people to believe me, but I hope people would shop around before they sign up with RBC. I would also advise you to stay away from RBC insurance and this is also from personal experience. If you get into an accident, good luck. I had an accident that was the other persons fault and their insurance company offered me more money then RBC. If you’re looking for a good rate, I would give primmum insurance a call. I looked around and they gave me the best rate and they also have accident forgiveness clause.

http://www.primmum.com/

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RE: Mortgage brokers VS banks.

Postby ShopMyMortgage » Wed Dec 14, 2011 12:00:18 PM

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RE: Mortgage brokers VS banks.

Postby MoneyBeat » Tue Apr 15, 2008 03:34:25 PM

I believe that mortgage brokers do add value - but you need to make sure you can find a good one. Hard working mortgage brokers will save you money - otherwise it can be just like working with the bank.

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Mortgage brokers VS banks.

Postby montyloree » Sat Aug 06, 2005 12:00:00 AM

The mortgage business is taking off nicely in Canada. Finally, some companies are able to compete and give the consumer more options to finance their homes.



The question that I'm curious about. Are people really getting good deals from the mortgage brokers? I mean, how much lower can an interest rate be.



What benefits do mortgage brokers give that major banks or credit unions can't? I am just shopping for a new mortgage for our house. I am looking for the best interest rate on $275,000. What other benefits can a mortgage broker give me on this type of amount?

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