Most business people have an established relationship
with their bank and take advantage of that relationship whenever they
need to borrow money. However, here is the question that you should be
asking yourself: "is your bank taking advantage of you, or could a Mortgage
Broker | Home Loan Consultant do a better job?". More and more the answer
to that question is "Yes".
Mortgage Brokers and
Consultants work for you.
Once you have an established relationship with a bank they tend
to start taking your business for granted. Not necessarily in a
bad way, mind you, but in the way that a mutual level of comfort
exists. The bank knows your reputation for keeping your word; they
know how much money passes through your account and they know what
your business does. You know that there is someone there that you
can ring up who knows you and will work with you to get a commercial
Seeing as how applying for a commercial mortgage can be a time consuming
affair it is a natural tendency to go to the people that you already
know to get the deal done with the minimum amount of red tape. The
bank realizes this and it removes their incentive to cut you the
most competitive deal or to negotiate on terms that you may not
like. In essence you are locked into accepting whatever commercial
mortgage "packages" your bank offers.
Using a Mortgage Broker opens up far more options.
Now, on the other hand, if you take advantage of the services that are
offered by an independent mortgage broker then a whole world of options
open up for you. Your broker is able to shop your commercial mortgage
application among a large number of lenders who are hungry for new business.
Independent Mortgage Brokers and Home Loan Consultants service is free.
Current statistics show that only about 14% of commercial mortgage loans
go through an independent commercial mortgage broker with the remainder
being placed directly through the bank where that business owner has a
relationship. With those kinds of statistics is it any wonder that a broker
will bend over backwards to find you a good deal?
Imagine your potential savings possabilities when you engage an independent
commercial mortgage broker who is able to find you two, three, four or
even ten or more lending sources who all want to compete for your business!
Plus, a broker doesn't earn any fees unless a commercial mortgage loan
deal closes. This gives them a strong incentive to find a deal which is
tailored to your specific requirements. Even better, the broker earns
their fee from the lender so it doesn't cost you anything to save all
of that money.
You wouldn't buy a new car or lorry without checking out different dealers
to find the best price would you?
Then why in the world would you settle for a "one size fits all" commercial
mortgage from your banker? It just doesn't make sense. At least not when
there is an independent commercial mortgage broker who is jumping up and
down for the chance to save you money. All you have to do is find the
best one for you.