While a mortgage broker can help you sort through all the lenders in the market, there may also be advantages to you for applying directly to a lender.
Which one should you choose?
A mortgage broker is responsible for assessing your current situation and your creditworthiness, in order to assess your chances of qualifying for a home loan, or loan for an investment property.
A mortgage broker will gather your information and look through the different types of loans available, to work towards a specific solution that meets your individual needs.
Mortgage brokers are able to access a large panel of lenders and products, which will allow them to research the different options open to you and quickly and effectively present you with the best finance option.
Some mortgage brokers will also give you guidance throughout the entire loan process, making it a stress-free, seamless process.
Pros and Cons of Using a Mortgage Broker
What Does a Bank Loan Officer Do?
Bank loan officers work for one specific bank.
If you are already a customer of the bank, it is possible you will be able to find a good rate and loan product through them, and many people still approach their bank first due to its convenience.
If you have any opinions you would like to share on this topic, please comment below.
James is Marketing Manager at MRD. He has been investing in property for the last 11 years, and owns properties in Burleigh and Palm Beach on the Gold Coast. He loves family, surfing, gardening and swimming. What else is there?!