Day: March 26, 2023

Why Use a Mortgage Broker Instead of a Bank?

Why Use a Mortgage Broker Instead of a Bank?

Why use a mortgage broker instead of a bank?

There are many reasons why using a Mortgage Broker in Belfast instead of a bank might be the right choice. Here are some of the most common:

Access to a more extensive range of loans and options

One of the main benefits of working with a mortgage broker is their access to more loan options. While banks typically only offer a select number of loan products, brokers are likely to have access to hundreds of loan offerings from a panel of 20-30 lenders, widening your mortgage options significantly.

Industry knowledge

A mortgage broker has the industry expertise and negotiating skills to help you obtain the best possible deal on a loan. This can save you time and money, especially if your credit rating is low or your situation is complicated.

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Trusted by lenders

Brokers have relationships with a large number of lenders, making them trustworthy and able to secure good loan terms on behalf of their clients. Some lenders prefer to work with a mortgage broker, while others may be more willing to work with borrowers who have already established a relationship with a lender that works with brokers.

Fees and commissions

A mortgage broker earns a fee from lenders that is usually 1% to 2% of the total cost of your loan. This fee might be tacked onto your loan amount or come out of your pocket at closing, so it is important to ask about this upfront.