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Lending:
Banks: Lend their own money and offer mortgage products directly to consumers. This direct relationship means banks have more control over the terms and conditions of the mortgage and can ensure borrowers meet their approval criteria.
Mortgage Brokers: While brokers do not have direct control over lending terms, they earn a commission from the lender once the loan is finalized, making their services typically free for the borrower. Brokers can act in your best interest, finding customized loan solutions, especially beneficial for those with unique financial situations.
Control and Flexibility:
Banks: Use their own funds and may offer competitive rates, but you are limited to the products available within that institution. Banks may be less flexible when customizing loan products to fit unique financial situations, such as zero-down mortgages or loans for self-employed individuals.
Mortgage Brokers: Offer personalized service and support, building strong trust relationships with borrowers. They provide tailored advice and assist in navigating the complex mortgage landscape.
Personalized Service:
Banks: Provide a more straightforward lending process without intermediary fees. While beneficial for those seeking no-nonsense lending, banks may not offer the same level of personalized service as brokers.