Before purchasing a home, it’s important to understand the difference between going directly to a bank and using a mortgage broker. Check out the key differences below:
PRODUCT RANGE: Mortgage Brokers have access to 20-30 lenders with over 1000 – 2000 products. When you go direct to a bank, you are limited to what product and rate that bank offers.
PRODUCT MATCH: Mortgage Brokers take the time to understand their client’s situation and needs. This information and access to a wider range of products significantly improve your chance of matching you with the right product and approval.
CREDIT SCORE: A credit check run by a bank gets recorded as an enquiry on your credit file. Multiple enquiries can adversely impact your credit score. Checks run by a Mortgage Broker do not get recorded. When doing your research and exploring your options, using a mortgage broker will ensure there is no impact on your credit score.
CONVENIENCE: As well as having access to a wider range of products, mortgage brokers are a lot more flexible with when and where you can meet. Using a bank, you are restricted to when it’s open!
Ultimately, a Mortgage Broker will find the best product that suits you and your circumstances. So, if you need help with all things finance, speak to us today!