There are many ways to secure a mortgage out there, starting by who you decide to enlist on your team. At the beginning of your mortgage journey, you will need to choose between using a banker and a mortgage broker. Here are some key differences between the two:
The application process is probably the most daunting part of getting a mortgage. Luckily, both a banker and a mortgage broker will help you put together your application. In this way you can be assured that you have everything you need in one package. The difference between the two is that your application is only good for one lender when you send it through a banker. If anything needs to be changed or you don’t want to accept the terms, you have to reapply. A broker will send out our application to multiple lenders at once, saving you a lot of time and money.
At the end of the day, it really comes down to offerings. Bankers will only be able to offer you products and services that their own bank provides. One of the benefits of this is that they will have a very specific knowledge base on the terms, rates, and other important details within that particular bank’s scope. What that means though, is that if that bank doesn’t offer a particular service or type of mortgage, you are out of luck.
A mortgage broker, on the other hand, has relationships with several different lenders. They could find you products from big banks and small lenders, giving you the widest variety of choice. In this way, they can help tailor your mortgage to your unique situation. That could spell massive savings for you.
Whichever mortgage provider you are leaning towards, it is always a good idea to shop around. Talk to a few bankers and brokers to see what they have to offer you. Ensure that whoever you enlist for you team is willing to go above and beyond for your homebuying experience. When you’re ready to talk to a mortgage broker, call us at: 403-341-7800.
Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013
Chad and Jenelle Richards
Added January 23rd 2013
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