Stop Private Mortgage Lenders Gouging Fees From You With These Insider Tips
How do you work out if the private mortgage lender you’re dealing with is actually the lender?
Is the lender really interested in doing your deal? Or are they merely a shark, out to grab upfront fees without settling your deal?
In this video Daniel reveals some HOT TIPS to help you decide who the best private mortgage money lender is for you!
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For an appointment with a product specialist call the office on 1300 652 158.
AR Mortgages Pty Ltd ACN 158 826 585 is holder of Australian Financial Services Licence 425073. This investment opportunity is open to wholesale or sophisticated investors only as defined under the Corporations Act 2001.
Watch the video and/or read the transcript below.
Hi, everybody. I’m Daniel from AR Mortgages, and welcome to Daniel’s Hot
Tips. Today I’ve got four tips for you, and the topic today is: “How do I
work out if the private mortgage lender I’m dealing with is actually the
lender, or are they just someone out there to gouge fees out of me?” That’s
a big concern out there in the marketplace, and I’ve got four tips for you.
The first one being use a trusted finance broker. So, if you’re trying to
get to the lender, a great way to do that is to use a mortgage broker. The
way to select them is either through referrals of people you know who have
used a good broker before, or try and find someone who is MFAA accredited
and is licensed to actually provide those services to you.
Tip number two, referrals, I touched on it just then, but talk to your
banker, talk to your accountant, or talk to your lawyer. They move in those
kind of circles, or often they move in those kind of circles where they
will know direct private money lenders.
Tip number three, once you’ve got a lead for who exactly it is that is
going to be your private lender, go and check out their website. Have a
look on their website. Does it say that they’re actually a lender, or are
they merely just another introducer, or, worse still, are they someone
there just to gouge fees out of you?
That moves us along to the final point, and that is fees. If you are
dealing with a direct private mortgage lender, usually what you find is
that they won’t have high upfront or commitment fees. Before they even take
a fee, they’ll want to go out and have a look at the property and just use
a touch and feel and smell test on the property before they take any money
from you. When they do take your commitment fee from you, it’s usually very
low. It includes, of course, the cost of the valuation, but their fee for
their time is going to be very, very low, and that’s a really great
indication of whether they’re there just to gouge fees out of you or they
are actually genuinely interested in doing your loan.
There you have it folks. That’s my four top tips for deciding who’s going
to be the best private mortgage money lender for you. Thanks for watching.