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Broker or Lender? What’s the best option?

A mortgage broker has the ability to search the entire marketplace to look for the best possible solution. They are not tied down to anyone’s institution. Whereas a direct lender such as a bank will only offer what they have specifically and decide whether or not you qualify for their products.

You will have to individually contact multiple banks to get a good overview of what is available. However, you are still just touching the surface of the deals that are available for you.

If you think contacting various banks, making multiple appointments is not the way forward for you then an independent advisor like the Luxe team is your perfect solution.

A really good mortgage broker should be able to bring more information to the table than most banks, such as:

  • which lenders loan money in your area
  • which ones offer a specific type of mortgage that may appeal to you
  • which welcome or avoid applications on loans for certain types of homes such as co-ops, condos, or multi-family homes.

A mortgage broker is paid a fee based on the mortgage amount and this is paid either by you or the lender, depending on the terms agreed. Some lenders will also have a structure in place where they work specifically with mortgage brokers providing borrowers access to mortgages which they would not have heard about or come across online.

A further advantage is that rather than applying to each lender individually, which we all know can become very painstakingly long, you just need to fill out one application. Once you have made your selection, we will also work with you to progress your application.

The Luxe financial services team is specialist in this field and brings you independent advice about all of the options available to you in the market. So, don’t be toed down by a few options, look at them all and make a decision on what works for you.

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