Mortgage broker vs lender. What’s the difference?
Mortgage brokers are consumer advocates in the home loan selection process, helping homebuyers to pre-qualify, select a home loan and complete the required mortgage documents. They follow your new home purchase, investment or refinance through to settlement providing a smooth and convenient transaction.
By linking with banks, other financial institutions and private lenders, mortgage brokers offer consumers access to a wide range of home loan choices as they select the right mortgage for your needs.
Consumers receive an expert mentor to lead them through the complex home loan lending process. The mortgage broker offers the consumer the convenience of doing all the leg work to access an affordable home loan while balancing the consumers financial interests and goals.
Home loan lenders simply promote and offer their own home loan products. You do not have a choice of mortgages through this avenue. At least when you use a mortgage broker you have a greater selection and a lot more options in the Australian home loan market. Brokers know the what’s happening in the market and home loan fee’s associated with each product.