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Top 10 reasons why you should use a Mortgage Broker

Depending on the type of home loan you are seeking, you could save yourself thousands of Euros 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 broker’s 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 specialise in home loans and are commission based, so it is in their best interest to get you the best rate possible, or they don’t get paid.
  2. They have an exceptionally large network of lenders that they work with to get you the most favourable 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 to one or more lenders and when the request is accepted the broker works closely with the lender until the home loan closes.
  4. They can often have multiple Life Assurance agencies to offer a variety of products & prices to clients. Therefore you get price and product comparison and are not tied to an individual institution
  5. All-in-all mortgage brokers save you the groundwork of finding the best mortgage rate and terms for your specific needs.
  1. Banks on the other hand deal with all types of loans and may not have the specialisation in home loans that a mortgage broker has.
  2. Bank loan officers process mortgage loans originated by only their employer. Therefore you have no alternative or comparison.
  3. Loan officers at a bank are often limited to certain home loan products, guiding principles and criteria that they must follow. This can a lot of times limit the home loans available.
  4. Banks do not have a network of lenders that they work with. Every home loan application the bank receives is from one lending institution.
    If you are ready to finally purchase your dream home, look to a mortgage professional to help you comparison shop. The right home loan is just one step out of the home buying process that you will not have to be concerned about.
  5. A mortgage broker will meet you at a time and place that is convenient to you. After work or at the weekend.

NOTE: There are no broker fees in relation to this service. Phoenix Financial Services do not charge an application or acceptance fee.