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rates debt consolidation companies

The financial intermediaries, mortgage brokers, or misnamed, companies of debt consolidation, are useful agents mortgage market, and recognizes the very Law 2 / 2009 which regulates the financial intermediation and private equity mortgages.

The Mortgage Bankimia have addressed this issue, quite unknown to the general public but of vital importance if one wants to face a process of engaging a mortgage broker with appropriate safeguards.

first thing you should know the potential customer seeking mortgage relief is the type of financial intermediary you need.
definitely recommend for any information on the association also reference in Spain, IDA, which are recorded much of the investment and financial advisers.

What type of credit intermediary hired?

Depending on our funding needs and preferences we must go to one kind or another financial professional:

exclusive agent bank

are natural or legal persons acting on behalf of a financial institution. Basically, it as a bank branch is registered in the Bank of Spain and can only work for a bank.

not charge fees client (the bank pays them) and pick up customers both passive as active. In fact, you can open an account and the branch is the same agent. No are regulated by the Law 2 / 2009 as it is the law which determines bank.

are interesting if we want to work with a financial institution and want a personal adviser . What we have to look for is a trusted agent and appropriate training for our banking needs.

Real Estate and other suppliers of goods

Law 2 / 2009 exempt real estate to meet certain requirements if you just look for mortgage financing for homes that they market.

However, should provide the same information required of financial intermediaries. But they should not enroll in a public register of intermediaries, among other exemptions.

In my view the legislature has been too lenient with developers. I do not understand the reason for not forcing them to meet the same requirements as other intermediaries. In fact, they generally have less training than a mortgage specialist in the field and should meet the same requirements as the rest.

It is always helpful real estate mortgage offer us some of the house sold, but always ask the binding offer of the bank and give us signed by total fees from the sale of the house and the processing of the mortgage.

Multi-agent or financial intermediary

connected Fully regulated by the Law 2 / 2009 are financial intermediaries that have contractual ties with one or more financial institutions.

basically an intermediary has signed partnership contracts with banks and , usually non-exclusive, by which the financial institution pays a percentage of the origination fee charged to the customer.

This multi-agent can not charge fees customer because the bank charges (customer indirectly, in reality, via fee). In the previous information that we have to provide has to be made by the opening that we apply in their operations (may be 2% or higher). We must deliver

three binding offers for us to choose. This obligation has been much discussed, since in many cases there are not three entities to approve the transaction and therefore it is impossible to submit 3 bids. We'll see how is implemented in practice.

are independent financial intermediary firms, without maintaining contractual relationships condition involving credit institutions or companies that market credit or loans, provide independent advice , professional and impartial to those who demand their intervention to obtain a loan or credit.

The amount of the fee must be agreed in a service contract prior to the processing of the mortgage. Only customer charge, not the bank.

are also required to submit 3 binding offers, as well as comply with other provisions of the Act 2 / 2009. Choose

between hiring an agent or multi-independent financial intermediary is certainly complex. In principle depends on the independence and bargaining with the financial institutions have each and the cost, not to mention the key to good handling, which is the professional training.

Factors to consider when choosing a multi-agent or an independent intermediary :

• Independence: While the end both win if the mortgage is signed, the multi-agent may be tempted to sign with financial institution that gives a greater percentage of the opening committee (other than rebates by volume). The independent broker is paid directly customer, so that their independence is clearer.
• Negotiation skills: the multi-agent may have more bargaining power with their institutions to channel more mortgages to the banks themselves. In contrast, an independent broker can access many more financial institutions (in principle). Cost
• : the multi-agent charges a percentage fee, usually. The independent broker a fixed fee. Comparing costs is simple in this case. Cetera paribus, we would choose the cheapest. Training
• : a professional financial intermediation should be required experience in the academic sector and, among other verifiable training. Sometimes it is worth paying a little more for our debt consolidation , mortgage to buy a home or subrogation processed us a real mortgage expert .

When we go to apply for a mortgage we must be clear that it is a vital financial decision.

should not sign the first mortgage that gives us our usual director nor hire any financial intermediary.

must be given the importance a mortgage and this takes time and effort. Www.futurfinances.com