29/11/2016
Buying a home is often the biggest financial commitment you will make in your life. Many new home buyers are very unsure of the process and what options are available to them. Depending on the type of home loan you are seeking, you could save yourself thousands of dollars by shopping various lenders for your home mortgage needs. Therefore it is imperative that you know the difference between a mortgage broker and a bank lender. The main differences is that the mortgage broker works in your interest where a bank lender works for the bank.
1. First of all Mortgage brokers specialize in home loans and are commission based, so it is in their best interest to get you the best rate possible, or they don't get paid.
2. Banks on the other hand deal with all types of loans and may not have the specialization in home loans that a mortgage broker has
3. Brokers have an exceptionally large network of lenders and they work for you to find the most favourable mortgage rates and terms
4. A Broker may find a lender who accepts home loans that a bank will not.
5. A Broker will walk you through the process and explain what is required. They are happy to spend the time with you to make sure you are comfortable and understand all aspects of the mortgage process.
If you are ready to finally purchase your dream home, look to a mortgage professional to help you comparison shop. The right home loan is just one step out of the home buying process and with a mortgage broker you trust it will be a simple process.
