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 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.