Sunday, August 29, 2010
Brokers v Bank lenders
Obviously there is bias here as I am a mortgage broker. Generally speaking though brokers add a more personal touch to borrowing as opposed to your local bank manager - who should realistically be called sales managers nowadays - who often don't know lending or stay in their positions long enough to build a rapport with their clients. Brokers tend to work 24/7 and are not restricted by a 9 to 5 mentality and their advice is unbiased, or it should be if you've found the right one. Home loan alchemy i.e. putting a loan together with a wide range of ingredients can only be done by someone who is not restricted to one core group of loan products. A mortgage broker has access to multiple lenders and their products. Putting together a gold home loan product cannot be done when you only have lead to choose from.
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