Mortgage Broker or Bank Loan?
Consumers who are deciding where to go for their mortgage loan
need to make an informed decision. Selecting a lender is a big
decision – you will be having a relationship with this entity
for many years to come. Making that choice with the guidance an
industry professional such as a mortgage broker helps ensure that
you are happy with your decision now and that you will continue
to be happy in the future.
Many individuals are concerned with the extra expense of a broker’s
fee, especially since money is often tight while people are in
the process of buying a home. However, it is important to consider
the benefits that you are purchasing with that fee.
Specifically, in paying a bit more, you are gaining the following:
access to a wider range of lenders and services, the breadth of
the mortgage broker’s industry knowledge, and the benefit
of the fact that wholesale lenders have lower expenses because
they do not spend money marketing directly to consumers. In addition,
most people feel quite rightly that their time is money. Going
to a licensed mortgage broker is a smart move if you want to get
the most of the time you invest into the mortgage application
process. It puts you in the driver’s seat, because you are
presented with not just a selection of products, as you are at
a bank, but with a selection of lending entities, as well.
Much as you hire a real estate agent who uses their expertise
and access to help you narrow your search for a home down to the
choices that best fit your criteria, it only makes sense to use
a mortgage broker to help you navigate the unfamiliar terrain
of home financing.