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

Cheap cash loans- Fulfill your urgent requirement of money
Published by Denis Deny on June 30th 2012 | Loans
Cheap cash loans are obtainable by anyone without any risk whenever they want to borrow money. This ...
 
Text payday loans- with just a tap on your mobile phone
Published by Cameron White on November 29th 2011 | Loans
Text payday loans are the most beneficial kind of advances for all of the employed people as they ca...
 
Instant loans bad credit - Solving financial problems in least hours
Published by Thoms Stuart on July 5th 2012 | Loans
If you are taking quick cash via instant loans bad credit, you can overcome unexpected financial nee...
 
Payday loans for people on benefits: Make 100% Assurance of Money
Published by William Hafiz on May 28th 2012 | Loans
Don’t underestimate yourself if you are not physically well, payday loans for people on benefits a...
 
Faxless payday loans in Canada- Meet any kind of financial problems now
Published by Aden Jon on June 12th 2012 | Loans
If you are taking faxless payday loans in Canada, you will get quick cash that is useful to maintain...
 
Installment loans - Arrange monthly household budget in better way!
Published by Karen Rase on May 23rd 2012 | Loans
For fulfilling any financial desires, you need to look for extra money in the form of loan. To avail...
 
Payday loans without faxing documents- Easy method of availing loan
Published by Abell Bush on May 28th 2012 | Loans
By taking quick funds via payday loans without faxing documents, you have the right option to meet u...
 
Student loans with bad credit- the best choice to enjoy higher education
Published by John Simen on June 22nd 2012 | Loans
By taking quick funds from student loans with bad credit, you can manage the money in terms of enjoy...
 
Instant decision personal loans: Make a Free Hand Decision of Money
Published by Dervin Elbert on June 11th 2012 | Loans
Instant decision personal loans are offered for people to sort out their personal needs as well as u...
 
I need loans now for bad credit – offering funds with Bad Credit History
Published by Alvin on May 4th 2012 | Loans
I need loans now for bad credit are normally asked for by folks, who could have a foul credit histor...
 
Bad credit loans instant decision: First-Class Decision for Poor Creditors
Published by Ramsey Bert on April 13th 2012 | Loans
Bad credit loans instant decision effectively work for poor creditors and low credit holders who are...
 
1000 payday loans- Get rid of your financial troubles, apply with us
Published by Jack Clemen on December 26th 2011 | Loans
1000 payday loans are very useful deals to disentangle yourself from a financial emergency. With eas...
 
Small loans no credit check- the best financial solution for borrowers
Published by Beidhi Ceeper on April 7th 2012 | Loans
With the aid of small loans no credit check, you are now easily grab small funds up to $1500 to mana...
 
Fast cash loans for bad credit- Fiscal assistance for bad credit people
Published by Albert Bells on July 12th 2012 | Loans
By availing quick money via fast cash loans for bad credit, you can meet cash hurdles in the least p...
 
1 hour Direct Payday loans - Offer instant funds within 1 hour
Published by Karen Rase on May 22nd 2012 | Loans
By getting instant funds via 1 hour Direct Payday loans, you have the right option to fight against ...
 
Bad credit Payday loans – Obtain Easy Money despite Being Adverse Creditor
Published by Douglas Hoggard on June 20th 2012 | Loans
Bad Credit payday loans are extremely very handy options at the time when you don’t have enough fu...
 
Payday check loans- Ultimate financial scheme available for everyone
Published by Georgia Bart on May 9th 2012 | Loans
By availing quick sum of funds via payday check loans, you can meet unexpected fiscal expenses in no...
 
Small loans- Borrow instant money at tough times of financial woes
Published by Belvin Kohli on July 6th 2012 | Loans
If you want to grab small money, it is essential for you to avail small loans to meet cash crisis. T...
 
No credit check loans- Assure easy access to finance without any credit check done
Published by Simon Hess on March 12th 2012 | Loans
Expenses are so heavy that they exceed the income earned by the person .It is easy to recover the fi...
 
Ez cash loans- Ideal solution for fiscal worries
Published by Ricky Loyel on December 13th 2011 | Loans
With the assistance of ez cash loans, you can obtain cash up to $1500 that will be helpful to arrang...