4 things a mortgage broker can do for you that a banker can't
4 Things A Mortgage BrokerCan Do For You That A BankerCant
Gaining Help from a Mortgage Broker Finding the best loan for a new home is notalways easy. Banks advertise different interest ratesand credit history plays a role in obtaining the bestrates for the loans. Depending on the situation, itmight be best to seek the help of a mortgage brokerwhen looking for the best loan rates.
Comparison Shopping A broker is able to offer a wide range of rates, banks and possible solutions to the individual situation based on the comparable solutions available. A banker will only offer the loan terms and options available through the bank. As a result, it limits the options and does not provide comparable prices to determine if the rate is competitive.
Comparison Shopping A mortgage broker works with several banks, lending institutionsand credit unions to find the best rates based on personal credit historyand the current rates available. In many cases, it is possible to reducetotal interest costs over the course of the loan by comparing severalcompanies and using the best match.
Providing Several Loan Options Depending on the bank, the available loan options are limited. Inmany banks, loans are limited to 15, 20 and 30 year fixed-rate loansand usually one or two options for adjustable interest rate loans. Byhaving limited options, banks are not able to meet every financial goal.
Providing Several Loan Options A broker has access to more banks and institutions, which providesa greater number of choices when selecting a preferred type of loan.The length and terms associated with mortgages can often seemlimited, but brokers have available solutions that can help improve thesituation.
Educational Services A broker offers financial education by explaining the differentterminology associated with the loans, providing advice about the bestsolutions based on the financial situation and making suggestions tofind the best lender for the funds.
Educational Services A mortgage is often complicated, but banks are not able to offereducational services to understand the full process. A broker willdiscuss the terminology, offer explanations and provide advice basedon the contract provided by a potential lender.
Educational Services The ability to learn about the loan will make it easier to avoidgetting trapped in an unfair contract. The broker is able to explain anyinformation that is confusing so that the loan goes through without ahitch.
Free Consultations and Advice A broker is able to offer free consultations and advicethat helps clients find the right loan based on financialgoals, current credit history and the individual situation. Theadvice can make it easier to make a final selection on aloan, which limits the risk of getting an inappropriate loanfor personal financial goals.
Free Consultations and Advice During a consultation, a broker will listen to the goals ofthe individual. Based on the goals for a mortgage and thecurrent situation, the broker is then able to give adviceabout the next course of action. A banker will never offerthe best advice because the information is limited to asingle bank and is not broad enough to ensure the client’sbest interests.
A mortgage is often complicated, but a broker offers the helpindividuals need to overcome the challenges. Brokers are able toeducate, advise and assist clients so the best lender is identified.
Further Reading…• Alberta Funding has been helping Albertans access the equity in their homes, or other real estate for nearly 20 years. Visit us today at http://www.albertafunding.com