Broker vs Bank….
Broker: Offers access to a variety of lenders & loan products. Brokers have significantly more options than traditional banks and can provide a better, more specialized product.
Banks: Only consider their in-house products.—
Broker: By-law are required to disclose the lowest possible rate as is bill of sale and cost to you. They present different available options and allow the borrower to make the final call.
Banks: There is no way to tell if you are getting the best rate/loan. They don’t even have to disclose what their earnings are. —
Broker: Represents you and your interests rather than a lending institution. They are dedicated to finding borrowers the best program that suits their financial needs.
Bank: Have a financial interest in themselves and their employer —
Broker: Because they have access to an abundance of lenders and programs, there is a higher chance of being approved.
Banks: Strict rules and guidelines, therefore, more chance of being denied. Even if you are a good candidate for a loan, the bank can deny your application for trivial reasons.