Looking for a mortgage? Look beyond the bank. There was a time when you’d go straight to a bank to get your mortgage. But times have changed, and now there are many different mortgage deals and providers out there.
You can, of course, still go straight to your bank. Your branch will usually … have its own mortgage adviser who will tell you what they can offer, mortgage-wise. The downside of dealing with a bank directly is that they like to sell their own stuff. So make sure you find out what else is out there, either by talking directly to other banks, or by going through a mortgage broker.
The mortgage broker is basically a matchmaker. They match you, the property buyer, to the mortgage lender by shopping around and getting you the best deal from a number of providers. Depending on the broker, they can deal with a large number of lenders and offer a broad range of products, or deal with a few lenders and offer a limited range of products. Brokers tend to be commission-based, meaning the lender pays them for selling their mortgage product. Be sure to go through the small print very carefully before you sign up to anything.
Whether you go the Bank or the Broker route, take your time, ask around, and make sure the mortgage you’re being offered is the best deal for you.