Mortgage Broker vs. Banks
April 16, 2016
If you want to buy a place, you may not be know whether you want to go with a mortgage broker or to go with a big bank since you may not be sure of the place where you are able to get the best deal or the best rates.
Choosing Variable Or Fixed Mortgage
The first step is to know the difference. A mortgage broker is a person who works as a freelance agent and they work between borrowers and lenders. They are going to be paid commission from a lender since they are able to get a good deal. You can also visit our top article here for more information here. The mortgage brokers are basically freelance as they are not working for any person since they work alone and can contact different lenders. You have to think the brokers as recruiters. They look for the people who are interested in borrowing the home and to fixing them with the lenders who are a good match for their needs. They go between the mortgage and the big banks. They will start by getting to know more about you and they will calculate what you may be given, they will send the application and they will discuss together with you what will work better for you by choosing variable or fixed mortgage. Many people decide to go for the mortgage broker Melbourne, since they believe that they may get even better rate compared to going to the bank directly. There are others who say that they were able to get approved even when they did not have a good credit history because of the mortgage brokers Melbourne.
The loan officer for big banks is a person who works as the loan broker, but the difference is that he is only working with just one bank. The loan officer may sit down together with you and he will talk to you just like the mortgage broker and he will let you know the terms that will fit better the mortgage. You can also click this link:mortgagebroker247.com.au for more to know. They will negotiate with you so that you may get the best deal on your mortgage. The loan officer is paid through commission, salary, or salary with commission from the bank that he works for.
The best part about the mortgage brokers, such as www.mortgagebroker247.com.au is that they are going to meet you at the time you want. They will choose for you the most competitive rates, they make it easier for you to be approved and if you do not have good credit, you will get the lender who can pay for you. You will not negotiate since they are going to do this in your place. They are the one to pay for some services like appraisals and inspections using their money.
With the big banks, you may still get to see them when you want to. They can give you the perks of the bank such as free safety deposit box or free banking. They may pay for the appraisal fee and they will meet you face to face. Banks are not going to close down and they will have the home equity line of credits. You will be able to talk to any person you find there much easier.