Should you use a bank or go through a mortgage broker?
With mortgage brokers they have access to knowledge of the entire mortgage market whereas banks have a very limited choice as they only promote their own product.
You usually pay less to use a broker than going directly to a bank since they can often negotiate a better deal for you.
Mortgage Broker
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. The mortgage broker will work with both parties to get the individual approved for the loan. This is a complex role as different requirements will be needed depend on the individual circumstances.
Credit Scoring
This is very important to determine your mortgage eligibility. Your financial history plays a major role and the broker will check this prior to making a full application. In certain instances, it is possible to alter your past if you have evidence that it is floured.
Cost
Although there are certain costs associated with getting a mortgage like valuation survey fees or arrangement fees the mortgage advisor will able to find you the most advantageous product.
