Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Refund Home Loan: the Difference between Brokers and Banks

By Crowin Smith Subscribe to RSS | January 10th 2012 | Views:
loading
 
  



In Australia, majority of mortgage loans are sold through mortgage brokers. Gone are the days when major banks provided most of the people’s home loan needs. Seeing how mortgage brokers have upped the competition, getting a home loan at present times has become both easier and a bit more complicated. Looking at the bigger picture, having more options these days benefits everybody and at the same time leads to confusion. Mortgage comparison will have to be more extensive because of the number of available mortgage products and providers.

Brokers and banks both offer mortgage loans to the public. So how are they different? Well, they are actually pretty much the same. However, one notable difference is the so-called refund home loan. Here are some concepts regarding mortgage brokers and banks:

Mortgage Brokers

Brokers are licensed professionals who serve as middlemen for customers who wish to apply for home loans and lenders, including banks, who offer home loans. Normally, a mortgage broker works with a range of lenders. What they do is try to match a borrower with a certain lender by offering mortgage products that would be suitable to the needs of the borrower. Mortgage brokers receive commission from lenders for every successful transaction they bring. For this reason alone, brokers are more than willing to work with as many lenders as possible as long as they successfully find a mortgage that will best suit the borrower’s circumstance.

Banks

Banks are perhaps the oldest financial institutions that offer mortgage products. Just like most lenders, they have an assortment of mortgage products to offer. They used to be the primary source of mortgage loans until the emergence of mortgage brokers. Banks profit from the interest and other fees they charge for lending money. People who go straight to banks are those who already know what loan they need.

So what’s the difference?

When you go to a bank to apply for a loan, you will be limited to the products offered by the bank you’re working with. But when you choose to go with a broker, you will in fact have access to different products from different lenders. In other cases, mortgage brokers are seen as the ‘last resort’. That’s because people whose applications got turned down by banks approach brokers. People who get refused by banks usually have poor credit histories and other issues that prevent them from meeting the bank’s lending criteria. There are mortgage brokers who specifically work with people who have bad credit.

Brokers are also known to offer refunds. Under the premise of a refund home loan, the broker offers to share a portion of their upfront commission to the borrower. This scheme allows them to attract more customers.

Crowin Smith - About Author:
For more information regarding Refund Home Loan, Please visit Cashbackmortgage.com.au

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/refund-home-loan-the-difference-between-brokers-and-banks.htm

Related Loans Articles Subscribe to RSS

Short term loans no credit check UK lenders – cash approving by lenders
Published by Andrewanthony on May 16th 2012 | Loans
Short term loans no credit check UK lenders suppliers or firms varies within the ways in which they ...
 
Bad credit loans instant decision: Best Remedy in Tough Period
Published by Ramsey Bert on July 7th 2012 | Loans
People running bad credit tags don’t need to make any other approach as money can be borrowed thro...
 
Money loans with bad credit- Get quick cash without any hesitation
Published by Lewis Jasvin on June 29th 2012 | Loans
If you are taking instant funds via money loans with bad credit, you can easily get rid of any kind ...
 
Quick cash loans now – accessing funds is very easy now
Published by Alvin on March 26th 2012 | Loans
Quick cash loans now are short term cash giving tiny cash facilitate to all or any. You’ll be able...
 
Overnight loans- Easiest way to obtain instant funds
Published by Ross Futher on June 27th 2012 | Loans
In fact, overnight loans are quite benefit for those people who are residing in US. These loans give...
 
Debit card payday loans- Fulfill instant financial needs
Published by Nain Seek on December 7th 2011 | Loans
To overcome short-term financial needs, debit card payday loans are the ideal financial solutions fo...
 
Instant approval loans online - Grab cash before receiving paycheck
Published by Ross Futher on May 11th 2012 | Loans
By taking instant approval loans online, it is quite flexible for you to achieve quick financial nee...
 
Payday loans Canada- Perfectly designed to help Canadian
Published by Aden Jon on April 21st 2012 | Loans
To avail instant funds, it is better for you to apply payday loans Canada to relieve quick financial...
 
30 day loans- Simply a good option to meet urgency!
Published by Jon Kohli on December 19th 2011 | Loans
The 30 day loans are also available for people with bad credit holders. So, it is a great benefit fo...
 
Bad credit instant loans- Fight any financial problems now!
Published by Thoms Stuart on July 12th 2012 | Loans
Take bad credit instant loans and meet any unexpected fiscal worries now! This sort of loan is widel...
 
Savings account loans- Enjoy tension free life with instant funds
Published by Jon Kohli on May 31st 2012 | Loans
If you are taking instant funds via savings account loans, you can meet unexpected fiscal worries at...
 
Installment payday loans - Get cash advance and relieve from financial stress
Published by Johnty Bert on May 10th 2012 | Loans
If you have derived quick cash via installment payday loans, you can easily meet unexpected financia...
 
Loans for 12 months- Easy Way to avail loans for 12 months
Published by Lowell Moore on January 30th 2012 | Loans
We at 12 Month Loans for Bad Credit are best to offer you nil obligation short term loans like loans...
 
90 day installment loans- No worry for money with these loans
Published by Denis Deny on July 11th 2012 | Loans
If you are availing 90 day installment loans, you can easily overcome unexpected financial worries....
 
Military payday loans- Great financial solution for military servicemen
Published by Richard Abbe on July 3rd 2012 | Loans
For military persons, military payday loans are the best financial solution to meet their cash emerg...
 
30 day loans online- Monthly cash help for American
Published by Jon Kohli on April 3rd 2012 | Loans
Once you have availed quick cash via 30 day loans online, you can get rid of any financial hindrance...
 
Need payday loans now – take cash in your hand without any delay
Published by Nathan on March 30th 2012 | Loans
Need payday loans now currently assist you to fulfill your emergencies that pop up all of a sudden? ...
 
Installment loans online - Great financial help available online
Published by Beidhi Ceeper on June 6th 2012 | Loans
If you are taking instant funds via installment loans online, you can easily manage unexpected fisca...
 
Holiday loans for bad credit: Get Ready to Take Your Family for a Happy Tour
Published by Keith Gonzalez on June 11th 2012 | Loans
Holiday loans for bad credit would allow you to enjoy some lovely moments with your family or friend...
 
Pay advance loans- Get ready to fight unforeseen monetary crunch now!
Published by Georgia Bart on May 9th 2012 | Loans
Pay advance loans are now available widely in the financial market of US. So, never miss out to grab...