Before we answer why you shouldnt work with a mortgage broker, we must answer why you should work with a mortgage broker.
Benefits of working with a mortgage broker
- They will do the work for you. They will research lenders and compare rates, terms, and features. They will even apply on your behalf.
- They are experts in the loan process, meaning they are likely to find you better deals than youd find on your own.
- In addition, they have access to a variety of lenders.
- Your broker can help you find a lender whose lending criteria you fit.
- They can guide you through the entire process, answer any questions you may have, explain terms, and offer advice.
Disadvantages of working with a mortgage broker
- They dont have access to all lenders and loan information. You still should research the loan they select for you to make sure it is both competitive and fits your needs.
- Some brokers operate on commission, meaning if they sell a product from a specific lender, the lender will give them a percentage of the profit. This could impact which lenders they work with and which products they offer you.
- While brokers may be able to find you a better deal, they may take a percentage of your closing costs, impacting the final amount on your loan.
When you choose to work with a broker, you want to find one who has the experience needed to answer all of your questions, understands the loan process thoroughly, and has access to a wide range of lenders. Mortgage House is a non-bank lender, and our team of brokers specialise in home loans. We can offer you loans at competitive rates.
