4 Things A Mortgage Broker Can Do For You That A Banker Can't

Gaining Help from a Mortgage Broker

Finding the best loan for a new home is not always easy. Banks advertise different interest rates and credit history plays a role in obtaining the best rates for the loans. Depending on the situation, it might be best to seek the help of a mortgage broker when 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 institutions and credit unions to find the best rates based on personal credit history and the current rates available. In many cases, it is possible to reduce total interest costs over the course of the loan by comparing several companies and using the best match.

Providing Several Loan Options

Depending on the bank, the available loan options are limited. In many banks, loans are limited to 15, 20 and 30 year fixed-rate loans and usually one or two options for adjustable interest rate loans. By having 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 provides a greater number of choices when selecting a preferred type of loan. The length and terms associated with mortgages can often seem limited, but brokers have available solutions that can help improve the situation.

Educational Services

A broker offers financial education by explaining the different terminology associated with the loans, providing advice about the best solutions based on the financial situation and making suggestions to find the best lender for the funds.

Educational Services

A mortgage is often complicated, but banks are not able to offer educational services to understand the full process. A broker will discuss the terminology, offer explanations and provide advice based on the contract provided by a potential lender.

Educational Services

The ability to learn about the loan will make it easier to avoid getting trapped in an unfair contract. The broker is able to explain any information that is confusing so that the loan goes through without a hitch.

Free Consultations and Advice

A broker is able to offer free consultations and advice that helps clients find the right loan based on financial goals, current credit history and the individual situation. The advice can make it easier to make a final selection on a loan, which limits the risk of getting an inappropriate loan for personal financial goals.

Free Consultations and Advice

During a consultation, a broker will listen to the goals of the individual. Based on the goals for a mortgage and the current situation, the broker is then able to give advice about the next course of action. A banker will never offer the best advice because the information is limited to a single bank and is not broad enough to ensure the client’s best interests.

A mortgage is often complicated, but a broker offers the help individuals need to overcome the challenges. Brokers are able to educate, 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