||I. The difference between a loan from a banker and a mortgage broker. Why a qualified mortgage broker will get you a better deal
- Choice of different lenders and banks
The biggest advantage of a broker over a bank is choice. A banker can only sell their particular bank product. With a mortgage broker they compare over 10 banks to find you the best product and rate to suit your needs.,
- Experience and Knowledge
Brokers often own their own businesses and are committed to their clients in the long term, with many
introduced to 3 different staff members dealing with their loan from the start to the finish because the previous lender has left or been promoted to another division of the bank.
- Specialisation and training
You can find brokers that specialise in first home buyers, brokers that specialise in property investment and growing your property portfolio. This is not a service that the bank offers. They are required to service the general public. Most bankers are not trained up in the trends and conditions and do not have the experience to cater for specific advice.
- Follow Up
As your loan application progresses to formal approval and settlement. There is constant follow up. It is time consuming and frustrating. A experienced mortgage broker will have systems in places for this to be done in a timely manner.
- Personal Banker vs a mortgage broker
A mortgage broker is your personal banker. They will ensure everything is done on your file as its their business to ensure you are happy.