Mortgage broker or bank?
When you’re looking for a home loan, many people consider going to a mortgage broker or to a bank. While a bank will only offer you its own products, a mortgage broker can access literally hundreds of different financial products from scores of different financial institutions.
What can a mortgage broker do for you?
Mortgage brokers already know the industry, the lenders, their products and their requirements, saving you a lot of time and energy on research. They will also put the time into finding out about your credit situation and have a wealth of experience to draw on to help you simplify it.
Translate industry jargon
Mortgage brokers are able to make sense of what loan documents and lenders are saying – put it into plain English.
Find out how much you can borrow
Determining your borrowing power is core to what a mortgage broker can help you with.
Give you more choices
Mortgage brokers have to offer a larger selection of loan products. While a bank can only offer you its own products, mortgage brokers can help you choose from a selection of loans provided by different lenders.
Help you to compare
Mortgage brokers have the knowledge and tools to compare often hundreds of products and you get a loan suitable for your circumstances and needs.
Find you a good deal
Loan providers are always promoting a special deal or two, and these could make a big difference to your repayments or success rate. A mortgage broker will know which of the deals on the market will be appropriate for you.
They’re in it for the long haul
Your mortgage broker won’t just love you and leave you – they will oversee and manage the loan’s progression right through to the end on your behalf. By the way, ‘the end’ isn’t when you sign the documents and buy your property; you can always recontact your broker if your circumstances change or if you need help to switch products or wish to purchase another property.
Contact a Resolve Broker to learn more about what they can do for you as your mortgage broker.