San Diego, CA (PRWEB) August 08, 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. In a newly released article, Loan Love continues to show their interest in helping mortgage borrowers by helping them to understand all the pros and cons when it comes to the mortgage broker vs banker debate.
The Loan Love article explains: “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.”
The article then goes on to provide a rundown of the pros and cons of each option. First come mortgage brokers. Loan Love explains that this option has a certain advantage over individual bankers because mortgage brokers have a broad knowledge of the industry and the products that are available from a large selection of lenders, some of whom may be located very far away. A broker will have insight into which lenders will most likely work with certain types of borrowers, which can really be helpful for borrowers that have special circumstances or needs, such as those with less than perfect credit or those who are self-employed. They may also be able to get special discounts for their clients thanks to their familiarity with the lenders.
On the downside, the fact is that mortgage lenders do not work for free. This means that either the client or the lender will have to pay their commission. Those with poor credit often have to pay stiff fees in order for mortgage brokers to find them a suitable lender. Also, some brokers may be biased towards certain lenders if they offer higher commissions, which means that they might not always work with the best interest of the borrower as their priority. However, this is certainly not always the case; just something to keep in mind. Borrowers that find a mortgage broker that is trustworthy and puts their clients first will be able to avoid the biggest “cons” of this option.
The Loan Love article then explains about individual bankers: “If you have an established relationship with a bank – maybe you’ve been with them for years or have a few different accounts already – 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. Of course, banks will be promoting only their own products and comparing products from different lenders can be a time-consuming process. You also might want to do a little reading about the lending process before you actually sign any loan.”
The Loan Love article ends by saying “Whether or not you go with a broker depends on your own comfort in shopping around on your own. 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 the full article, please visit LoanLove.com.