Using A Mortgage Broker Vs A Bank
Cons of A Mortgage Broker
Brokers are all different, and some might not have access to all the programs offered by specific banks, which could result in a buyer not being offered the right loan. A broker might also overcharge a buyer and cost them more than they would pay if they went through their own bank and secured their own mortgage. Finally, it’s always possible a buyer might not find the best broker to work with. If a buyer fails to do their homework, they could end up using a broker who isn’t familiar with the local market, is not competent, or is not able to get them the best rates, deals, and offers because they are all false advertising rather than about finding the right way to do business. Fortunately, finding the right broker is easier than buyers realize, and that’s all it takes to find more pros than cons in working with a broker.
It's time to move onto the pros of using a bank to secure a mortgage.