Mortgage Broker versus Bank manager: which is best?
According to Nila Sweeney, the managing editor of ‘Your Investment Property’ magazine, when it comes to applying for a home loan, many people miss out on significant benefits by going to their bank for a home loan, before considering a mortgage broker.
As a borrower, consider these five reasons to seek out a qualified mortgage broker when considering property finance.
- Choice – a mortgage broker can help you select the best product to suit your individual needs from a selection of more than 28 different lenders, as opposed to the banker who has access to only one bank product.
- Experience – mortgage brokers are committed to their clients, often own their own business and have many years of industry experience as opposed to big banks who move their staff around.
- Specialisation – mortgage brokers often specialise in particular types of loans, hence you can approach an expert for your specific loan type. Bank staff do not necessarily have experience or training in specialty types of loans.
- Follow-up – A good mortgage broker will keep you informed and save you time and the frustration of following up the progress of your loan application by doing this for you.
- Personal banker – your mortgage broker is like your own personal banker, they will be there when you need them and, as it is usually their own business, they are in it for the long haul.