When it comes to getting a mortgage, your gut may be telling you to stick with your bank. Your bank knows you. You’ve been with them a long time. They always treat you like a valued customer … until you get your monthly statements and notice all of the hidden fees. The truth is when it comes down to it, a majority of people are just another customer at the bank, and it’s unlikely that you’ll get any special treatment when it comes to your mortgage.
If you’re looking for a mortgage, working with a mortgage broker instead of a bank is one of the best investments of your time and your money. The below list provides only a small sample of why going with a broker over a bank is best:
- A wider variety of choices
- No allegiance is good allegiance
- Give credit where credit is due
- Brokers are special
When it comes to getting a mortgage, the more choices you have, the better. Your bank can only offer you their own products, while a broker has relationships with many lenders and can find you the exact product you’re looking for.
Moreover, there may be a sales target in play at your bank. A broker will get you the right mortgage, not the mortgage he or she is made to sell to hit their quota.
Because brokers do not have just one lender they work with, they are free to work with all of them. Without pledging allegiance to one lender in particular your broker can present options and leverage different lenders against each other to ensure you’re getting the best rate.
If you’re credit is below par, your bank will probably turn you away before you even inquire about funding. On the other hand, a broker is going to do everything in their power to find you a mortgage, no matter how bad your credit is.
Brokers have access to lenders that work with people with bad credit and can even offer programs to help repair it. Just because your credit rating is poor, doesn’t mean you don’t deserve a mortgage.
We’re not saying that your trusted banker isn’t special in his or her own way. However, your mortgage broker is actually special; a specialist to be exact. Brokers spend their entire workdays researching the market, studying each new product that comes along and regularly connecting with lenders. Bankers aren’t mortgage agents because they have other stuff on their plate to deal with. Some banks may even consider mortgages one of their lower-tier offerings and although they have people on staff to help you get a mortgage; they don’t really care what rate or package they’re giving you.
Whether you’re looking for a first commercial mortgage or a second home mortgage, a broker will be able to get you the best possible rates.
