The most important difference between a mortgage broker and a bank lender is that the bank lender provides a loan on behalf of their employer whereas a mortgage broker works for the you the buyer and acts as the conduit between you and many lenders to ensure they compete for your business.

With that, here are the top 6 reasons to use a mortgage broker instead of a bank:

 

1. Mortgage brokers are independent and specialise in home loans.

Their business is built on long term happy clients and as a result it is in their best interest to ensure you get the best deal and package for you.

 

2. Mortgage brokers have a huge network of lenders, which means there are many banks competing through the broker for your business.

The more competition there is for your business, the better the rate the broker can secure for you.

 

3. Mortgage brokers are often able to secure lending in circumstances a bank may otherwise reject.

Because of the network of lenders and the nature of competition, the broker can often get through a loan package that might be considered too risky if you went directly to the bank. (To find out about the types of properties that banks might find risky, click here to read '3 Types of Properties that Make Banks Nervous'.)

 

4. Mortgage brokers do the shopping around for you.

But perhaps more importantly they do the shopping around for you while they already have a network of connections to shop from. This saves you both money and time.

 

5. Banks deal in all kinds of loans and as such, may not actually specialise in home loans – unlike a mortgage broker who has defined expertise in mortgage lending.

 

6. Banks don’t have a network of lenders to draw from.

As a result their offers will be limited to what they can offer, not what the borrower needs. A mortgage broker's network means the difference between getting what the bank wants to offer and getting the package that best meets the borrower's needs.

 

So if you’re ready to buy a home, an investment property or refinance your existing loan then talk to us today about the next step. Remember that with a broker, the loan is now one part of the buying process you won’t have to worry about.