When you are looking for a mortgage advisor for a property that you have recently bought (right after you pay your first downpayment), the two choices that would usually come to your mind would be either an advisor from a bank or a broker. What’s the difference? Well, the difference would simply be in the way that they operate.
For banks, it would usually be about the money since banks are big businesses that would answer to a lot of shareholders. As compared to brokerages, banks are actually safer to get a loan from because they are already quite established. However, the difference would be in the service. Since banks are pretty much all about the money, they don’t really give customer service as well as brokerages.
Brokerages, on the other hand, give the best customer services and are willing to give good deals to their clients because providing mortgage services is their bloodline. Since it’s their lifeblood, you’ll know that they won’t scrimp on services.
So now the choice here would be whether you’d want the bank, which is stable and is sure to protect your information and collaterals but will be strict with prices and deals, or a brokerage which is quite flexible with deals but will carry the risk of not having that strict of protection for your information and your collaterals.