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Independent Mortgages Brokers Vs Banks

When searching for a home loan, consulting an independent mortgages broker is recommended. They can assist in finding you a better rate and guarantee that you don’t overpay on your mortgage.

The major distinction between banks and mortgage brokers is that brokers aren’t employed by any particular lender, so they can shop around for the best deal on a home loan regardless of your credit score. This gives them the power to find you an advantageous home loan package regardless of whether your situation requires good or bad credit.

Mortgage brokers can help you save money on your loan by finding you the lowest interest rates from multiple lenders and outlining all costs upfront. They’re regulated to guarantee their advice is up-to-date and working in your best interest at all times. So you can rest assured knowing they’ve done their due diligence!

Mortgages and brokers are often compared, yet there is much misinformation in the media if you’re thinking of applying for a mortgage yourself. Some people mistakenly assume that mortgage brokers cannot assist people with their financial situations and simply recommend banks because of the commission they receive on each sale.

However, many people can get a more advantageous home loan through mortgage brokers than banks for their financial situation. Here are the primary reasons to consider working with a mortgage broker:

1. Greater Choice and Options
Brokers provide a wider selection of products than banks do, including loans from various lenders that might not be accessible directly through your local bank. Depending on your individual situation, brokers can help locate loans from private funders, credit unions, trust companies and other sources that might not be accessible directly through your local bank.

2. Faster Turn Times and Happier Customers
Working with an independent mortgages broker offers several advantages over working with banks or retail lenders, including faster loan processing times. They take time to gather your buyer’s documents and then distribute their loan application to several wholesale lenders – often resulting in loans closing within 15-20 days, two to three times faster than retail lenders’ 45-60 day turnaround. This approach often leads to loans closing faster than expected (usually 15-20 days)!

3. Superior Service
A mortgage broker will strive to communicate with you throughout every step of the loan process, ensuring that you are satisfied with the outcome and experience a stress-free journey. They also answer questions, offer advice and explain any nuances related to your loan. 3. Greater TransparencyWhen selecting a lender, look for one who offers excellent communication throughout each stage.

4. Less Risk of Missing Out on the Deal
Mortgage brokers are held to strict ‘anti-steering’ laws which prevent them from steering you towards a mortgage product or lender that won’t meet your needs. This ensures your broker will do their best to make sure your home loan is the most beneficial for both you and your family, even if that means taking on less profit for themselves.

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