Why choose a broker over the bank?

Okay, so we may be a little bias! BUT we promise you Two Broker Girls didn’t start just because we thought why the heck not! We truly believe a Mortgage Broker is the way to go if you're looking to secure a loan or refinance and we truly love making finance fun for people!

It doesn’t have to be snore-worthy or give you the ick!

Yes, okay. Thank you David.

Really though, think about it, a bank will be only able to push their available offers, whereas a Mortgage Broker is on your side of the fence, they are searching market wide for the best possible deal for YOUR personal situation giving you more choice. 

Sure, your current financial institution may be able to offer you an extremely competitive deal and sometimes their offer may still be the best, however at least going through a Broker you know you will be presented with all available options.

Ultimately there is no perfect correct choice, everyone's situation and circumstances are different so these will always alter the outcome for each individual. Don’t be afraid to shop around however. You might have some questions however, so let’s address a few things.

Is it easier to secure a loan through a Mortgage Broker?

Well, this one is a bit of a hard one, it again will ultimately come down to your individual circumstances, everyone’s financial situation is going to be a little different so you will need to speak to your chosen financial advisor to get a clearer picture of where things are sitting for you. If you have a great track record with a good credit score and no history of bankruptcies, with a good deposit saved up then you're going to put yourself in a great position for any lender to consider your application. 

If this isn’t your circumstances then this doesn’t mean it will be impossible to secure a loan, however there may be some extra things we need to take into consideration, such as risk fees and higher interest rates.

If you’re needing to take out a high loan ratio, then keep in mind you may need to pay lenders mortgage insurance.

Are Mortgage Brokers cheaper than going through a bank?

In short, Mortgage Brokers do not charge fees to their clients. Mortgage brokers will earn an income through commissions, these are paid by banks and lenders upon successfully referring a customer to them. You might be asking, well if this is the case will they try to push me towards a certain lender, the answer is no also! 

Brokers are legally obliged to offer your loans that suit your personal circumstances under the ‘Best Interest Duty’ meaning that we only select loans that are going to be the most suitable for you, not us.

Hopefully this has helped you gain a little more understanding about dealing with Mortgage Brokers! As always, reach out if you have any questions!

Until next time. 

Sarah x