Broker Vs. Bank

Book Your Complimentary Consultation Today

Broker Vs. Bank

When it’s time to apply for a mortgage do you know what to do? Don’t just walk into the closest bank. Mortgages are long, serious financial relationships and you need to make an educated choice. Bank managers want to sell you their home loan offers, no matter if it’s right for you or not.

How can you make sure your dream house gets a dream mortgage rate? Choose mortgage brokers over bank employees. They’re more experienced, more helpful, and cheaper in the long run. Not sold yet? Continue below to close the deal.

Brokers are reliable agents who shop on home buyers behalf for a competitive rate and home loan. Their only job is to make sure you get a suitable rate for your new house.

A mortgage broker works with clients through the entire process, not just until their shift is done. Their expertise and commitment to clients are a stark difference than an hourly employee at your local bank.

Why Choose Mortgage Brokers?

Choice

When you’re buying a house, it all comes down to choice. Your realtor didn’t show you one house and say “this is all we have” so why pick a mortgage that way? Mortgage brokers offer a large range of choices.

When you go into a bank, most institutions only have two or three home loan packages. The rates aren’t personalized to your financial situation and most of the time, the terms aren’t well explained. Even the best bank employee can’t give you more choices than their company offers, but mortgage brokers can.

Since they aren’t employed by a specific institution, they aren’t going to push a home loan on you that doesn’t fit. Instead of the two or three choices your bank can offer, a broker will go over 20-30 options with you. They’ve studied all the home loan offers in the area and have the inside scoop on each bank.

Personalization

The amount of information home loan applications take is crazy. Lenders need to know every last financial detail before they’ll even consider opening their safe. Unfortunately, most average consumers miss something or have red flags in their applications. Without a broker to catch these mistakes, banks would simply throw these applications out (or raise the rate).

A broker, on the other hand, has the expertise to find any glaring or dream-ending mistakes in your application. If there are issues with your history, they can help find a competitive home loan to work around it. Good brokers even work with the bank and advocate on your behalf.

If the bank has any questions about the application, they’ll get answered faster going through the mortgage broker. Without one, the original mortgage seller would have to call you in, sit you down and go over the discrepancies/questions. A mortgage broker can answer a phone call and get your application back in the running before you could even drive to the bank.

Convenience

We’ve all spent hours pouring over computer screens and googling competitive interest rates. Working with a broker saves you time. Instead of you having to stay bent over your screen, a broker shows you suitable, personalised options. Once you’ve decided on a program, they handle the paperwork along the way.

There’s no need for you to get all dressed up for interactions and meetings with lenders, your broker can do that. They already have relationships with banks and work on your behalf. A broker can also help you manage the loan process through to settlement and may save you time.

Return on Investment

Some people are under the impression that working with mortgage brokers is more expensive than taking out a bank loan. They are mistaken. The amount of choices brokers can offer will more than pay for their services down the road.

Closing the Deal

Even with the option of mortgage brokers, some homeowners still choose to blindly go through their bank. It seems easier at the time, but the convenience will cost them hard earned money down the road. When you’re financing your dream house, do something good for your future self and let a broker find a suitable home loan for you.

Our Panel Of Lenders

At Alchemy Lifestyle Group, we have a wide range of specialist lenders that can help you achieve your financial goals.