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Loan Officer Vs. Mortgage Broker

May 29, 2013

Should You Be Using a Loan Officer from Your Bank or a Mortgage Broker for Your Oakville Home Loan?

More and more people are turning to Oakville mortgage brokers when it comes time to get a home loan versus using the loans officer from a bank. Mortgage brokers can usually save you a lot of money on your mortgage since they are able to shop the market on your behalf and come up with the best deal for you. Your local banking loans officer only has one offer to put on the table since he is working only for the one financial institution.


Mortgage brokers

A mortgage broker will look through your credit history and then shop around for prospective lenders based on it. He can find out what private lenders, credit unions, major banks, trust companies and other financial companies are offering in terms of a home loan and find the one with the best terms and financing to suit your present circumstances.


Mortgage brokers are experts in their fields and can do all of the heavy negotiations needed to get you the best rate and the best terms when you're looking at Oakville houses for sale. They can also show you the different types of mortgages available and let you know which one they think would be best for you and explain why. Because a broker is not working for one particular financial company, he can give you an unbiased viewpoint on your mortgage needs that you can't find with a loans officer at a bank.


Loan officers

The loan officer is in fact a salesperson that is working on behalf of the bank. His job is to sell you a mortgage and his job status at the bank depends on him being able to sell mortgages to qualified individuals. When you apply for a loan at the bank, you'll be told why a certain mortgage is the best one for you but you won't have a lot of choices available.


You may be missing out on a better deal if you use a loan officer instead of a mortgage broker to purchase your Oakville real estate. There are times though, when you can be better off getting a mortgage at your bank, especially if you are offered a bundled package that may include reduced fees or cash back when you put together your bank accounts, credit card and mortgage into a package deal.


In most cases you're going to be better off using an MLS ®Oakville mortgage broker. He's a third-party reliable choice that is not working specifically for one financial institution but is working on your behalf to find you the best deal possible from a variety of banks and financial companies.

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