28 Oct 2016
Banks vs Brokers
A broker is there to help research and determine the best lender for your loan based on your credit scenario and needs. Brokers can do all the research for you as they have an extensive data base on each lender, deals and all the features that go with it. They have accreditations with different banks which specialise in certain products e.g. commercial loans, car loan, bad credit or something that is hard to finance and often turned down by mainstream banks. Brokers are always updated by the banks and are always learning about new products which they can offer their clients. They have constant ongoing support and technology allowing them to research your options quickly and effectively. Brokers will always been there to answer any questions and will provide advice throughout the entire process. Your chances of success on your loan are higher through a broker as they carry strong relationships through a wide range of banks making it easier for them to process the loan. It would be difficult for a person who isn’t familiar in this industry to walk into a bank and know what to look for. Brokers can save you time and money as it is their job to help you.
A bank loan officer is similar to a broker but they can only represent and sell only their banks products. This does limit your options however if you have an understanding about mortgages this could work for you. Depending on your credit situation and needs it might or might not be the best option going to a bank as you will be presented with less options which may not typically suit you. Not all banks cater for financing everything. If you have bad credit you can be turned down by banks which can make your credit file worst or if you need something out of the ordinary financed you need to know where to go as different bank specialise in financing different products. If you belong to a bank it could be easier to get a loan through that particular bank however, it wouldn’t hurt to explore your options for a mortgage.