Broker or Lender?

By: zainsaeed0 comments

Nearly 60% of all residential homes settled in 2021 were settled by Mortgage brokers, so just why are home buyers electing to choose a broker over a lender?

Well first let’s establish just what a mortgage broker is; a mortgage broker is a home lending expert who is the middle man between a borrower and a lender and receive commissions once the loan is settled.

Key differences to lender:

  1. Wider array of products: Going directly to a lender means you are restricted to the products/offers available with that specific lender. A mortgage broker has accessed to 30+ lenders with up to 2,000 individual products available.
  2. Industry know-how: Mortgage brokers often work with individuals with unique borrowing needs, from a small business owner expanding to home owners requiring a more competitive interest rate. This experience coupled with access to hundreds of products significantly improved your chances of securing a loan that is tailored to your diverse need(s).
  3. Credit score remains intact: An individual’s credit score is an essential indicator of often their borrowing capacity. A credit check ran by a lender gets recorded onto an individual’s credit score meanwhile credit checks ran by a mortgage broker are not recorded onto your file.
  4. .Find out if you’re eligible for grants or schemes: It can be overwhelming figuring out eligibility criteria of government grants and schemes. A mortgage broker guides you through the process. They invest the time to understand your individual needs and present the options and facts, to help secure a home loan that’s right for you.

So connect with us today and let us research the market, compare rates from various banks and lenders and negotiate a home loan to suit your needs!

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