The original question was: “So, anyway, my theory is why have all these middlemen sucking fees out of someone's finances?”
No, I’m not relating to the trading of mortgages or any other commodities. I’m attempting to point out what brokers do and why they’re there in the processes. To begin with brokers DO NOT have products. They may buy and sell but if they do they’re wearing two hats, one of a broker and one as a trader. Just speaking on the subject of mortgage, lenders have money and people have property. Most people don't want the trouble of advertising and showing their property so they hire a real estate broker. The broker brings a buyer together with a seller, writes a contract and they’re off to the heartburn trail. That’s broker #1 who had neither a property nor the desire to buy one. Next the buyer needs to borrow (or barrow himself) money. The real estate broker connects the buyer with a mortgage broker. The mortgage broker takes a loan application and proceeds to contact lenders that HE THINKS will consider the buyer for credit. This is broker #2 who has no money to lend. We will assume that at this point the transaction completes and all is well. The brokers are paid a fee for their services. For Broker #1 it’s called a commission and for Broker #2 it’s buried in the service and lenders fees on the closing costs. Now, to put it bluntly rather than simply. The brokers do the work the average buyer or seller doesn’t have the time to spend or the know how to wade through the processes. For that service they hire a so-called expert to do the work for them and they pay for the service. I hope this clears up my intentions. Paul, by the way, You're correct about the bundling of mortgages and I suppose you can refer to those people as 'mortgage brokers' but it's not the usual use of the term.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
