When it comes to buying a property, doing business with a mortgage broker should be a ‘’no brainer’’ except if you have some kind of deal with your bank institution. In fact, mortgage brokers have a lot more options when it comes to negotiating your mortgage.
To put in perspective, here are some of the main differences between doing business with a bank versus doing business with a mortgage broker:
- Banks can only offer their own products while brokers have a vast choice of options from different institutions. When it comes to finding the best solution, brokers definitely have an advantage over banking institutions.
- Banks can give you a discount for consolidating your services with them. The value of the discount will vary depending on the services consolidated. Brokers don’t have that negotiation lever.
- Mortgage brokers have a decent knowledge of the entire mortgage market. The majority of them have their licence. They can advise on their chances of lending per institution. This is useful for people with a poor credit score. Mortgage brokers have access to lenders who specialize in servicing people with adverse credit and can leverage relationships with mainstream banks.
- Mortgage brokers also have access to exclusive deals with lenders based on their history of referencing to a certain lender which gives them a big advantage.
Here were some of the main differences between brokers and banks. Now you need to find the situation that will fit your needs.
To find a broker near you, visit: https://brokers.network/new-mortgage/