tag:blogger.com,1999:blog-5465015914589377788.post9214272342641660713..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: How to Pay Less and Keep More for YourselfMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5465015914589377788.post-60626587816547622632020-10-31T14:51:42.906-04:002020-10-31T14:51:42.906-04:00The above comment is a reply to No Debt Guy's ...The above comment is a reply to No Debt Guy's comment below (and No Debt Guy had an additional follow-up comment (below further).<br /><br />-----<br /><br />I may be a little biased, but the comment on mortgage brokers is a little unfair. Of course profit is built into the rate.<br /><br />The banks operate the same way. A bank rep must be compensated on top of that banks have much higher overheads than all brokerages.<br /><br />Just my two cents!<br /><br />-----<br /><br />I agree with you 100%.<br /><br />It is unfortunate for our industry that there is still very little known about how we work.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-25511020092009494892009-12-29T18:41:44.046-05:002009-12-29T18:41:44.046-05:00No Debt Guy: Mortgage brokers bring good value to...No Debt Guy: Mortgage brokers bring good value to their clients if they're able to get a better rate than the clients can on their own. My only point is that it's misleading to say that mortgage brokers work for free. Anyone who is naive about finances, but not naive about the ways of the world would find a claim that someone works for free very suspicious. I think mortgage brokers are better served by explaining how they are paid accurately. It's certainly true that mortgage rates carry all sorts of other built-in fees related to bank costs and profits.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-10208148074859526942009-12-28T04:22:07.830-05:002009-12-28T04:22:07.830-05:00Gene: Very true. There is definitely more to con...Gene: Very true. There is definitely more to consider than just getting a lower interest rate on debt.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-5160171172197695902009-12-28T02:50:12.800-05:002009-12-28T02:50:12.800-05:00Another pitfall of transferring a balance from a c...Another pitfall of transferring a balance from a credit card to a home mortgage or line of credit is that it converts unsecured debt to debt secured by a residence.<br /><br />Someone can't lose their home if they default on their credit cards. However, if they default on their mortgage, they better watch out, or they could get foreclosed.<br /><br />There was a good discussion of this in a book you mentioned awhile back (which I subsequently purchased): "Maxed Out".genehttps://www.blogger.com/profile/05608927986297939720noreply@blogger.com