1. Mortgage consultant specialize in home loans and are commission based, so it’s in their best interest to get you the best deal possible, or they don’t get paid.
2. They have an exceptionally large network of panel banks and financial institutions that they work with to get you the most favorable home loan interest rates and terms. Put it this way, the more banks or financial institutions you have competing for your payment plan, the more money you save.
3. Mortgage consultant are able to work one-on-one with each individual client, evaluate your specific need and tailor a home loan package specially to suit you. Next, the mortgage consultant submits the request to one or more banks / financial institutions and when the request is accepted the consultant works closely with the bank / financial institution until the home loan is approved.
4. Often, they can find a financial institution who will accept a home loan application which some of the banks choose to forgo. Because mortgage consultant have volume they are sometimes able to arrange for lower interest rates from the financial institution.
5. All-in-all mortgage consultant save you all the groundwork of finding the best home loan interest rates and terms to suit your specific needs
6. Banks on the other hand deal with many types of loans and may not have the specialization in home loans that a mortgage broker has.
7. Bank loan officers are only able to process mortgage loans originated from their bank.
8. Loan officers at a bank are often limited in certain home loan products, guiding principles together with the criteria they must follow. This can at times limit the types of home loans available to you.
9. Regardless if you choose to have your home loan with a particular loan officer or not, they are still getting paid a salary. With this in mind they may not be looking out for your best interests.
10.Banks normally change their home loan packages from time to time depending on Base Lending Rate (BLR) regulated by BNM (Bank Negara Malaysia). Mortgage consultant are able to update you on the latest and best BLR based home loan packages from the various banks and financial institutions.