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Our Blog

17
Aug

Choosing a mortgage broker vs bank

 

 

 

 

 

 

 

 

 

 

 

 

 

Banks don’t necessarily reward loyalty when you are looking for a mortgage. When choosing a mortgage broker vs bank don’t automatically go with the bank you’ve always used thinking that they will work in your best interests. The banks are looking to make profit and you won’t know that you are getting the best deal until you shop around. You won’t get any preferential treatment just because you’ve used the same bank all of your life.

If you choose to make a direct deal with a lender then you will only see the deal that they offer you. Shopping around takes time when choosing a mortgage broker vs bank and you will have to travel between lenders and negotiate with all of them to ensure you are being offered a fair and competitive deal.

Choosing a Mortgage Broker vs Bank can be a difficult and lengthy decision process. But if you’re looking to take out a great deal on a mortgage without having to do all of the legwork and negotiating yourself then you can hire the services of a mortgage broker. A mortgage broker works as an intermediary between the client and the lender. Independent mortgage brokers are those who are not tied to any particular lenders and should have an extensive list of contacts and partners they can call upon to make sure you really do get the best deal.

When Choosing a Mortgage Broker vs Bank remember that mortgage brokers have a huge amount of experience in selecting the right mortgage for each client. They treat each customer as an individual case and have a much wider selection of mortgages to choose form. This means that they really can advise you on the deal which is right for you.

Most mortgage brokers recover any fees they are due from the lenders, not from the clients. This means that their expert guidance shouldn’t cost you a single cent. They are expert negotiators and will often have access to deals that you would never be able to obtain even if you went to the same lenders directly.

If you are choosing a mortgage Broker vs Bank remember that a mortgage broker has the whole market to compare to find a deal whereas banks will only offer a few different types of mortgage. Having said this, to avoid the use of mortgage brokers, some banks are now offering direct only deals which brokers cannot get for you.

There are many advantages of choosing a Mortgage Broker vs Bank but it is very important to bear in mind that there are downsides too. When making your decision you should consider carefully both options as the market changes very quickly. There is no definitive answer and you should probably seek advice if you are unsure or confused. Mortgage brokers can offer you impartial advice and if you choose a broker who is paid by the lender, then you will avoid having to dish out money for a consultation of your finances. 

by Benson Mortgage
in Mortgage