Re: Sky high, indeed !
Gabriel
Please do not misquote me.
...you DO get all the commision back...
I dodn't suggest otherwise.
What I said was that such a broker will "charge you sky high fees, only a portion of which you'll get back in the form of a commission rebate."
What is true though is that, by their own admission, the rebate never exceeds their fees. You will always end up paying out a net fee to them.
I'm afraid Noel that you have your facts ALL wrong in this instance.
Can you explain exactly how ? It appears to me that
you're the one with the facts wrong.
oysterman
I too think brokers have their place to deal with particularly complex or problematic cases, but the majority of customers can get a much better deal just by referring to the Best Buys list on this website and e-mailing the banks directly.
Brokers make out obtaining a bog standard residential mortgage to be some sort of huge headache. It's not.
Banks are, arguably, all too quick to lend out large sums to consumers.
If a borrower does decide to use a broker, I'd strongly counsel them to haggle hard on the fees.
Regards,
Noel