Differences in Borrowing from Banks vs Estate Agent Mortgage Advisors

Differences in Borrowing from Banks vs Estate Agent Mortgage Advisors
June 21 04:19 2018 Print This Article

When getting a mortgage, always remember that there is really no definite wrong or right way. However, the fact that there are several possible ways for you to go about the whole process does make it quite overwhelming.

It is quite common for people these days to choose between referring directly to their banks to get a mortgage or getting the services of an estate agent mortgage advisor. There are various pros and cons to each of these choices and learning them should help make it possible for you to make an informed and educated decision.

If you are referring to estate agents, like Danny Kelly Bank Manager, you will find that they will usually be pushing you to use their mortgage brokers in the house. This is generally because they want to have their sales targets successfully met. There are instances too when they will be earning a fee if their client chooses to secure the services of the in-house advisor which also makes them a bit pushy at times.

Still, there are a lot of people that might prefer to use in-house mortgage brokers due to the fact that they usually give some very helpful advice. They often cater to the personal needs of the client and hence, will only recommend those mortgages that they think is going to be appropriate for you only after they have taken a look at the various offers of a good many lenders.

The mortgage advisor will act as the middleman between the mortgage between the mortgage lender and the broker. This means that he will be responsible for preparing the application for the loan as well as other financial documents. He will also be taking care of the pre-approval of the loan. They are also known to work with several lenders. They submit the loan on your behalf to these financing institutions. Choosing to hire a broker may be a bit expensive if you think short-term. However, they may help you save thousands if they can find a cheap deal for you.

A direct lender or a bank is the one that is funding the loan. When applying through this method, you will have to work with a loan officer. Some people may prefer to go this route since it gives them a chance to save on fees since there is no need for them to pay for the services of a middleman.

When you choose to go direct, you can save on the fees that brokers usually will charge. While there is a commission that loan officers get, this does not create any conflict of interest. If you are referring to a local bank, there is a very good chance that you might already know who the banker is that will process the loan. There are likely less overlays on the loan too since the process is internal. This also gives you the chance to speak with the loan officer face to face.

However, you do have to work on requirements that are less flexible when you go directly to the banks. You may even have to deal with inexperienced loan officers and the deal you might get may not always be the cheapest. In this case, making sure that you check the offers of more than one lender is important so, you know that you are not missing out on a good deal. The key is to shop around. Learn more about how to get a mortgage by reading about Danny Kelly Bank Manager online.

 

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Dominic Ortiz
Dominic Ortiz

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