The difference between a bank and a mortgage broker in the Netherlands
When you are thinking of buying a home it’s always a good idea to find out more about your budget and what kind of mortgage fits your needs. Knowing what you can spend will help you in your search for your dream home. Finding the right mortgage will furthermore set you up for success for the long run.
It’s obvious to consider going to your bank for mortgage advice. They often have interesting rates and having all your finances in one place can make it easy to keep a clear view and to communicate when you have any questions. We would however recommend that you also talk to a mortgage advisor. Why? Let’s use a metaphor here.
You can look at a bank as you would a clothing shop.You go into their shop and look for the products that are stored there. There’s often a limited amount of products you can choose from and they will try to sell you their available products.
If a bank is a clothing store then you can look at a mortgage advisor as your stylist and personal shopper. Why? Because a mortgage advisor doesn’t care which mortgage you take as long as it’s an informed decision, suits your needs, and you’re happy with the service and end result .The mortgage broker furthermore has access to a large number of mortgage providers and therefore a large range of mortgage products. They will be able to tell you all about the different rates, criteria and will help you get the mortgage that you need.
Especially if you have a more challenging story. An advisor is able to tell the right story to the mortgage provider to make sure that you are able to secure the right mortgage.
Note that both the bank and the mortgage advisor will charge a fee for their service. The latter might charge a bit more, but considering this will probably be the biggest amount that you’ll ever borrow, it can definitely be worth getting proper advice. Whether you save a decimal point of interest on a yearly basis or are able to pay off your mortgage faster without a fine. Getting a full overview and the right information is invaluable in the process of buying a home.