Is it better to take out a mortgage via a broker?

Securing a mortgage is the next step after the identification of the home investment. You can agree with me that identifying the best mortgage option is not easy. Getting a loan directly from a bank has become harder over the years due to rules regulating taking out a mortgage. Brokerage firms, on the other hand, may not always have your interests at heart. This is because, since they earn a commission, they may coarse one to get any or a high-risk loan not beneficial.

In the recent times, there have been regulations put in place to control the brokers and mortgage brokerage companies. It is, therefore, better to take out a mortgage via a broker because of the following;

More access

In recent times, lending institutions have begun relying on brokers such as Quantum Finance to get clients. This has increased the access that the brokers have to the institutions. When you engage the brokers, all you need is to give details of what you require and they will provide many options. This definitely beats you having to move from one institution to the next.

Saves time and work

Getting a mortgage, with the best terms is not an easy task. It requires comprehensive research to determine reputable companies that can offer the service. Instead of doing the work yourself, the brokers will do the work for you saving time and energy.

Furthermore, many brokers go ahead to carry out the negotiations on your behalf to help get the deal that suits your requirements. Dealing with financial institutions directly may take ages since getting an appointment with a qualified bank advisor or manager takes ages.

Moreover, you may not meet all the requirements of specific institutions, denying you the opportunity to plead your case. A broker thus protects you by doing the legwork.

Exemption on some fees

Unknown to many people, mortgage financial institutions attach varying fees on the mortgage loan. The fees range from origination, appraisal and application fees. Brokers are able to negotiate the removal of some or all of the fees depending on the loan amount saving you several dollars.

They are able to do this because they have built lasting relationships with the banks since they interact constantly to provide much-needed loans. As opposed to you, brokers are repeat clients of the financial institutions thus they get waivers so as to bring in more clients.

Professional experience

Mortgage brokerage companies such as Quantum Finance have qualified professionals in the finance industry. They are individuals who have years of experience in negotiating for loans, advising on investment, loan management, mergers among many other financial services.

I don’t know about you but I think I would rather have a professional negotiate on my behalf to get me the best loan terms.

The brokers ensure that they gather all the relevant information regarding your finances so as to gauge your financial position. Only getting a mortgage loan is not important. You need to get an offer that is sustainable in a way that you will afford the monthly payments and interest that accrues.

Directly contacting customer support of financial institutions may not be fruitful since most are not loan professionals.


Putting the above considerations in mind, brokers help in a great way to access good mortgage loans. However, they have their downfall. For example, not getting the best deal, high percentage charge on loan and non-guarantee of provided estimates.

It is, therefore, important to do your due diligence and find the best broker to engage. If possible, use referrals from friends to get the best services.

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