San Diego, CA (PRWEB) August 09, 2013
LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan Love continues to provide loan borrowers with the latest in mortgage news with a freshly released article. The article, titled “Mortgage Broker vs Banker (The Ultimate Smackdown!)”, brings light to mortgage broker Vs bank 2013 debate.
Any time a loan borrower is seeking a new loan, one of the first things they must decide on is where and how to find a loan lender. As the Loan Love article asks of the reader: “Are you wrestling with whether or not to use a mortgage broker or a banker? You’re not alone. The question of which one offers a better option can be difficult to sort out, and this article is going to give you a few guidelines to use when you’re shopping around for your own mortgage product.” So with the dilemma on mortgage broker vs bank for a home loan, which should a loan borrower choose? The article continues with a quick rundown of the pros and cons of each.
On one hand, mortgage brokers have a distinct advantage over bankers in the form of knowledge specialty in the mortgage industry. Their extensive know-how can help loan borrowers in finding a suitable loan product from a diverse pool of lenders, even those that are thousand miles away. Loan borrowers may also want to factor in that brokers will often know which loan is right for a borrower given the circumstances, and may even help in securing a loan with special discounts as the article discusses.
This is not without its flaws, however. In the end, mortgage brokers do not work for free and will require commission for the work done. Either the lender or the borrower will provide compensation. This can result in disaster for loan borrowers on poor credit if the commission fee is too high. On another note, loan borrowers may be biased towards loan lenders with higher commissions, disregarding other lenders. Loan borrowers should choose carefully and find the right mortgage broker that will put their clients first.
On the other hand bankers provide their own benefits as well, especially those who have a defined long term relationship with a particular bank. As the article states, “You may be able to get exclusive discounts through your lender. While it used to be a hassle to look for loans from different banks, the Internet makes searching for a loan and getting a quote much, much easier.” Unfortunately this means that your loan products will be limited to what the banker is offering. This can prove to be a hassle when comparing products to other loan lenders.
In the end, the Loan Love article points out that there is no clear victor. Rather, it is a matter of where a loan borrower stands financially and their comfort zone in dealing with loan lenders. To conclude the topic on the mortgage broker vs banker 2013 debate, the article had this tidbit to offer to future loan borrowers: “Generally speaking, unless you have poor credit, you’re self-employed or you have other special circumstances that require access to a broader range of options, going it alone can save you the cost of a broker fee and taking time to really understand the mortgage process can also make you a smarter consumer overall. For best results, talk to friends and family members about their experiences before you make your decision.”
For more on the full article, please visit LoanLove.com.