Are you ready to start looking at your home-buying financing options? Although there are many types of loans to choose from, one of the first decisions you’ll have to make is whether you want to deal with a mortgage broker or a bank. Take a look at some of the advantages of dealing with a broker rather than a bank. Have a look at Finance Broker to get more info on this.
The first benefit is that a broker works for you.
Acting with a mortgage broker rather than a bank has a number of advantages, one of which is that the broker works for you. When you go to a bank to get a mortgage loan, the bank specialist is just interested in the financial institution’s best interests. The mortgage broker, on the other hand, is looking out for your best interests while looking for the best loan and institution for you.
Benefit #2: A Wider Range of Institutions to Choose From
When you visit a bank to ask about a mortgage loan, the bank representative represents just one financial institution. When you deal with a mortgage broker, on the other hand, he or she has access to a wide range of lenders. As a result, you’ll be able to choose from a wider variety of loan options. This will not only help you get the best deals, but it will also improve the chances of getting approved, even if you have bad credit.
Benefit #3:Brokers are well-educated.
Although bank specialists are exempt from formal training and licencing, mortgage brokers are not. In fact, most provinces require mortgage brokers to follow a stringent set of standards. Furthermore, most provinces require mortgage brokers to be licenced and to complete continuing education courses in order to keep their licences. As a result, you can be assured that your mortgage broker is up to date with the most recent real estate and mortgage lending rules and events.
Reducing Credit Report Inquiries (Benefit #4)
Your credit score can suffer each time a lending institution pulls your credit report. When you deal with a broker, your credit report is only pulled once so that the best deals can be recommended. When you visit several banks, your credit report will be pulled each time you ask about a loan.
Benefit #5: You Just Have to Fill Out Your Information Once
After you’ve sent your mortgage broker all of the necessary details, he or she will forward it to any mortgage lenders who may be a good match for you. As a result, you can submit your details to several lenders by only having to fill out the paperwork once.