Top 10 Reasons To Use A Mortgage Broker vs. A Bank Lender
Depending on the type of home loan you are seeking, you could save yourself thousands of dollars by shopping various lenders for your home mortgage needs. Therefore it is imperative that you know the difference between a mortgage broker and a bank lender. The main differences among the two are that mortgage brokers act as a liaison between the home buyer and the bank lender. Where as banks derive the loan from their employer.
Below are the Top 10 reasons why you should use a mortgage broker instead of a bank:
1. First of all Mortgage brokers specialize in home loans and are commission based, so it is in their best interest to get you the best rate possible, or they dont get paid.
2. They have an exceptionally large network of lenders that they work with to get you the most favorable mortgage rates and terms. Put it this way, the more lenders you have competing for your home loan, the more you save.
3. Mortgage brokers are able to work one-on-one with each individual client, evaluate their specific needs and find a lender that suits them personally. Next, the broker submits the request...
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