Top Five Reasons a Mortgage Broker Is Better Than a Bank

Top Five Reasons a Mortgage Broker Is Better Than a Bank
By Chris Brein

So, you've decided to buy property and can't decide whether to use a mortgage broker or go directly to your local big bank?

Perhaps you can't decide because you don't really know the difference between a mortgage broker and your bank's loan officer?

You are hardly an isolated case.

Before you read our top five reasons why going with a mortgage broker is better than going through the bank's loan officer in your area, let's review the difference between the two.

Loan officers are employees of a bank, credit union or some other lender and their job is to sell and administer mortgages available through their employer.

While they may be able to offer a whole host of different loans and types of loans, all loans that they are able to offer originate from the financial institution they work for.

Mortgage brokers, on the other hand, work with a range of lenders and it helps to think of them as freelancing agents. They are not affiliated with any one single financial institution.

Instead, they earn their living by bringing together lenders and borrowers. They do this by analyzing whatever loans are available on the market and choose one, or several, that fit homebuyers' needs best.

Now check out our top five reasons why getting a home loan through a mortgage consultant is better than going with a bank.

1. Wider choice

This is perhaps the biggest reason why using a mortgage broker trumps going with a bank. When you hire the services of a broker, you are essentially gaining access to a whole host of banks and other lenders who extend dozens of different products. Compare this with going to your bank's loan officer who is limited by the scope of products offered by his or her employer.

2. Experience

Chances are your bank's loan officer doesn't handle mortgage loans only. Banks are huge enterprises and often shift their employees between different departments. This means they often don't have as much experience under their belt as mortgage brokers whose job is to help their clients over the long haul.

3. Industry know-how

Let's say you are interested in venturing into property investing and want to consult an expert on the subject. In this case, you are much better going with a mortgage broker than the bank's lending officer because banks usually don't train their staff in any one specific area. Instead of focusing on building up expertise with their staff in one area,banks are more likely to train their employees to be able to service a broad range of clients instead.

4. Follow-up

Everyone knows that the red tape associated with buying a home is annoying and time-consuming. But a reliable mortgage broker will do all of this for you and, what's more, he or she will seek you out in order to keep you informed and make sure you don't miss filling out any important documents.

5. Personal touch

When you go to a bank, odds are you are just a number that needs to be serviced. But if you go to a mortgage broker you are treated like a client with specific wants and needs whose product will be tailored to reflect each and every one of them. Unlike lending officers, who change jobs climbing the corporate ladder, mortgage brokers act like business owners who are in it for the long run.

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