The Benefits of Using a Mortgage Broker vs a Bank

When it comes to securing a mortgage, you have the choice of working directly with a bank or enlisting the services of a mortgage broker. While both have their merits, there are distinctive benefits of using a mortgage broker. This guide details the advantages of choosing a mortgage broker, like Shelto, over a bank for your mortgage needs.

  1. Understand the Role of a Mortgage Broker and a Bank

A mortgage broker is a licensed professional who works as an intermediary between borrowers and lenders. They compare mortgage products from different lenders to find the best rates and terms for their clients.

In contrast, a bank is a financial institution that directly lends money to borrowers. Bank loan officers offer mortgage products and terms specific to their bank only.

  1. Brokers Have Access to a Variety of Lenders

Unlike banks, which offer only their own mortgage products, mortgage brokers have access to a wide array of lenders, including banks, credit unions, and private lenders. This expansive network allows brokers to find a mortgage that best fits your needs and financial situation.

  1. Competitive Rates

Because mortgage brokers deal with multiple lenders, they can shop around for the most competitive interest rates and terms. Banks, on the other hand, can only offer their established rates, which may not be the most competitive in the market.

  1. Tailored Service

Mortgage brokers offer personalized service tailored to your specific needs. They work on your behalf, guiding you through the mortgage process from start to finish. Banks typically serve a high volume of clients, making it challenging to provide the same level of personal service.

  1. Saves Time and Effort

Using a mortgage broker can save you the time and effort of shopping around for a mortgage. Instead of contacting multiple banks and lenders, a broker does the legwork for you. They compare different mortgage products and present you with the best options.

  1. Expert Advice

Mortgage brokers have extensive knowledge of the mortgage market. They can provide expert advice on different mortgage options, interest rates, and terms. They can also explain the mortgage process and answer any questions you might have, ensuring you make informed decisions.

  1. Assistance for Difficult Applications

If you have a low credit score, are self-employed, or have other circumstances that make your mortgage application more complex, a mortgage broker can be invaluable. They can connect you with lenders who specialize in handling non-standard applications and guide you through the process.

  1. Potentially Lower Fees

Mortgage brokers may have access to special rates and deals due to their relationships with various lenders. This could include waived application, appraisal, or inspection fees, which can significantly lower the overall cost of your mortgage.

  1. Ongoing Support

A mortgage broker’s service extends beyond securing your mortgage. They provide ongoing support throughout your mortgage term, helping you navigate changes in interest rates, refinancing needs, or early repayment.

 

Choosing between a mortgage broker and a bank depends on your individual needs and circumstances. However, the personalized service, broad lender access, competitive rates, and expert advice make mortgage brokers a valuable ally in your home buying journey. With Shelto, you can expect transparent and professional service designed to secure the most beneficial mortgage for your needs

Reviews & recommendations

Praise Pour In : Clients Share Their Delightful Experiences and Stellar Recommendations

Mista BenzMista Benz
15:54 19 Dec 24
Very professional. Great experience dealing with Furqan Iftikhar. He is very helpful and makes the process very easy to make your deal successful.
SkylarkaSkylarka
14:41 18 Dec 24
Had a pleasure working with sHelto Mortgage during the home buying process. Furqan Iftikhar provided support each step of the way, from initiation to loan closure. Would highly recommend their services for home buyers.
Sumit GargSumit Garg
11:51 18 Dec 24
Suman is very knowledgeable with mortgage products and guide his clients thoroughly with his experience in the process of mortgage approval from lenders .
Hammad KhanHammad Khan
05:20 18 Dec 24
Had a great experience with them specially Furqan he treats you like a family not a client.
Anish MenonAnish Menon
04:51 18 Dec 24
Very professional and knowledgeable team to work with. Absolutely recommend.
Rajiv AroraRajiv Arora
03:51 15 Dec 24
Shelto is a MUST go place to get solutions for your financing challenges whether it is mortgage, heloc, last minute rush . You will experience a knowledge powerhouse with a focus to share and explore every possible solutions . Staff, Agents and Principal broker always available to answer your concerns and love to go Extra Mile for their valued client to find perfect option for clients. If you wish to join as Mortgage Agent then this is the place to equip yourself with all tools and resources to surf the challenges of mortgage industry. Highly recommended.
Chetan AnanthulaChetan Ananthula
14:56 01 Nov 24
Me & my wife, we recently had the pleasure of working with Mandy as my mortgage agent, and I couldn’t be more grateful for her exceptional service and expertise. From the very beginning, Mandy took the time to understand my financial situation, future goals, and all the nuances that come with securing a mortgage. She patiently guided me through every step of the process, answering all my questions in detail and ensuring I felt comfortable with each decision.
Priyamsha PadigaPriyamsha Padiga
14:53 01 Nov 24
Working with Mandy was not only a professional experience but also an emotional relief. Her warmth, patience, and expertise helped ease the stress of the mortgage process. She truly cared about my needs, taking time to explain every detail and finding options that perfectly suited my situation. Mandy’s dedication and professionalism made me feel supported and confident from start to finish. I couldn’t recommend her more highly—she’s the kind of agent who goes above and beyond, both personally and professionally
Narasimha VelichetyNarasimha Velichety
00:02 31 Aug 24
I had an incredible experience working with sHelto. They made the entire mortgage process smooth and stress-free. Their team is knowledgeable, responsive, and truly dedicated to finding the best rates and terms for their clients. I couldn’t be happier with the service I received!
Moe MOEMoe MOE
23:53 29 Aug 24
Great service, Mohsin and Furqan helped me with my refinance and buying an investment property. Mohsin is very dependable ,easy to get a hold of and patient. He made this stressful process very easy-going for me. although I had many questions, He always carved out time to answer all of my questions and explained why. I was very hesitant at first to go with these guys however, now I am glad I did and I met Mohsen. I truly believe these guys can help anybody in any situation for their mortgages. They became a one stop shop for me. I did not have to contact anybody. They did all the work for me. I highly recommend Mohsen. ThankYou guys for helping me in this process two thumbs
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