Private mortgage broker vs. Bankadmin
Private mortgage broker? Bank? Who should you go to for your mortgage needs? We provide the information you need to make your decision!
As a mortgage seeker, you will definitely face the dilemma of going to a private mortgage broker or bank! Which one would be better for you, which one would provide better deals, and so many other questions. This is an age old debate which will continue till a borrower exists!
Some borrowers swear by the bank and its rigid functioning while other praise the choice and flexibility you get with a private mortgage broker! To each one’s own! But before you make the decision which makes or breaks your entire mortgage experience, take a look at what private mortgage brokers and banks have to offer!
Should you choose Private mortgage brokers and flexibility?
The mortgage experience isn’t something everyone can make the best out of. There are so many different aspects to the process and every individual needs a different kind of outcome. This cannot come with the rigidity of a bank.
A private mortgage broker brings choice where a bank brings uniformity.
Private mortgage brokers can offer you:
- Lower rates
- More plans
- Any situation mortgage
Every individual has a unique mortgage need. The choice which comes with a private mortgage broker can be exactly what you need. You can make your mortgage experience your way. Your plans can be customized according to your needs!
Since a private mortgage broker has access to a lot of lenders, banks and credit unions, you can have access to various kinds of plans and guarantee yourself one of the best rates for your mortgage eligibility!
Other than the fact that private mortgage brokers give you flexibility, they can ensure that you get a mortgage regardless of your situation. Bad credit, low income, no credit history, new citizenship, and any other situation is never a hindrance with a broker. You just have to give them your details and they will find the right mortgage!
Or does the rigidity of a bank suit you better?
Banks have similar plans for everyone. Whether you have a family of four with low income or a family of seven with low income, you get presented the same plan. There is absolutely no customizing when it comes to a bank!
Moreover, the bank has to abide by every rule the government has set. Which means you could be eligible for a much lower mortgage amount than your broker can get you! You could be losing out by choosing a loan officer!
You will have to travel to every bank yourself to get the quotes. Your loan officer works only for that bank, with any other you are on your own. Maybe the rigidity is right for those who have a good score and income. Otherwise, the flexibility trumps!