Mortgage Brokers vs Bankers
You will encounter both these terms more than once, a mortgage broker and a bank. Especially when you are looking for a home loan, you will have to decide do I want to visit a mortgage broker or the bank? You may even have to do both and we will explain why as we discuss the differences in how banks and mortgage brokers operate when finding a suitable home loan for you.
Mortgage brokers are financial specialists and work with clients to help them explore & expand all their mortgage options. Unlike banks, mortgage brokers do not align themselves with any one bank or financial institution. Mortgage brokers have access to a plethora of lenders which allows them to help you compare interest rates, fees, other expenditures and features of the various offered home loans. Mortgage brokers represent the borrowers and help them acquire the best deals and the most suitable home loans
Bankers or mortgage bankers work in banks or financial institutions as specialists assigned to the loan departments. They will understand in detail the home loan offers by the bank or financial institutions they work for. They will know all the offers of that bank and be able to work with you to find which of their offers best suits you. Banks also offer home loan package deals and discounts for credit cards or savings accounts. It may be beneficial for someone who already owns other assets or products in a bank to seek home loans from that same bank too. Bankers represent the lenders or banks more than they represent the borrowers.Bankers or mortgage bankers work in banks or financial institutions as specialists assigned to the loan departments. They will understand in detail the home loan offers by the bank or financial institutions they work for. They will know all the offers of that bank and be able to work with you to find which of their offers best suits you. Banks also offer home loan package deals and discounts for credit cards or savings accounts. It may be beneficial for someone who already owns other assets or products in a bank to seek home loans from that same bank too. Bankers represent the lenders or banks more than they represent the borrowers.
Information Disclaimer:
Any advice provided is general and does not take into account individual objectives, financial situation and needs. All individuals should consider whether the advice is suitable for them and their personal circumstances.
