Posted on: 09th Jul, 2013 01:37 am
What can be the difference between using a Bank or a financial institution versus a mortgage broker to get a mortgage on my property?
Hi Tsarev,
The mortgage broker will help you shop around for your mortgage. Apart from this, he or she will also and do all the leg work associated with the mortgage. He will offer you various loan and lender options to choose from. If you go with a particular bank or financial institution, then you will have to go with the loan option and the interest rate that they are offering you. Thus, you will not get options to choose from.
Take care
The mortgage broker will help you shop around for your mortgage. Apart from this, he or she will also and do all the leg work associated with the mortgage. He will offer you various loan and lender options to choose from. If you go with a particular bank or financial institution, then you will have to go with the loan option and the interest rate that they are offering you. Thus, you will not get options to choose from.
Take care
Welcome Tsarev,
If you take the help of a broker to get a mortgage, then you will be liable for paying the broker fees.
If you take the help of a broker to get a mortgage, then you will be liable for paying the broker fees.
Yes, I agree with the above 2 posters. Although you might have to pay the fees to the broker, the entire experience of buying a home and getting a mortgage loan that is within your means will certainly be a successful one. However, make sure that the broker has your best interests in mind.
Hey the last post was written by me :)