Broker Vs. Bank?

Why should you use a mortgage broker instead of a bank?

While some home buyers may be less familiar with broker services, the better question is actually why go directly to a bank when you could have a mortgage broker working directly for you.

With access to hundreds of lenders offering a variety of financing options, promotional rates and lending criteria, a broker can find the right mortgage to best suit your needs. From straightforward applications to accommodating complex self-employment and credit situations, a broker leverages extensive industry knowledge and strong lender relationships to create tailored mortgage solutions to fit the deal.

The average bank is limited to only offering you their own products at their dictated rates and terms. And sure, the bank's posted rates may look okay, but mortgage brokers are in a position to not only select from the best available, they can buy down rates even further. Those kinds of unbeatable terms can save you thousands of dollars over the years. But if you're worried excellent rates come at the cost of high brokerage fees, the answer is, "Absolutely not!" In most cases, it is the financial institution that pays a referral fee for the privilege of your business.

Placing your trust in a good mortgage broker means more than having them simply facilitate a single purchase. Brokers are committed to being full-service agents who can help you develop long-term financial plans for a successful working relationship for many years to come.