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Hi All, I am a real estate investor. I have an accepted offer on a 7-plex. My two questions are: 1. Is it ethical to contact two mortgage brokers I know and ask both of them to work on my mortgage application at the same without telling them about the other broker? meaning apply for a mortgage with both of them? I just see such different financing conditions that I want to get a competitive mortgage and not be taken advantage of . the problem if I apply with only one of them first is if I wait till the first response, I may lose the deal as I have only 3 weeks to release the financing conditions. so is it mississippi to have 2 mortgage brokers from different companies work on the same deal for me at the same time? then if one of them wants a fee double than the other broker for example, then I will tell him no thanks. this type of building is a lot of work for the mortgage broker so I would feel bad saying no if he gives a positive response in the end just because another broker offers me better financing conditions. on the other hand, as mentioned I want the option to reject a broker who charges too much or arranges bad financing conditions! Also, will the brokers be able to tell/know somehow that I applied elsewhere in parallel? 2. A broker wants $6000 for arranging financing for a 7-plex that costs only 350,000! he said they charge the higher of $6000 and 1% of purchase price. so unfortunately in the case of 350000 i pay 6000 which is around 2% of purchase price! is this reasonable fee for a commercial property or is he charging too much? THANKS.
I almost don't know where to start. You've got 2 people working for you and you have every intention of throwing someones 1-2 months of work down the drain. Only a woman would ask that ethical. To answer your questions; if the brokers have half a brain they will find out before you close your transaction. They will be able to see that there's another lender pulling your credit. What you should do; tell each one to give you their best, tell them you need your payment amount, interest rate and your total lender costs. They should have those figures in the 1st week. You need to take charge with mortgage brokers. They are natorious for taking advantage of people that don't demand exact #'s. Tell them you're talking to another broker and watch them cut their fees and lower their rates to get your business. Brokers will charge atleast 1 pnt for the loan. In some cases where the loan amount is low they will charge more. My advice would be to tell them about the other and they will reduce their costs.
1, they are going to know, it will be on the credit report. But yes, perfectly mississippi if you are willing to double up on fees. 2 no they are not over charging.
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