The Mortgage Square
The Mortgage Square
All information about Blue Square Mortgage
The difference between getting loans directly & indirectly from financial institutions
There’s a huge difference between taking out loans directly and indirectly from different financial institutions such as banks, money lenders, mortgage lenders, private lenders, and mortgage brokers. A lender is someone that lends money directly to people who apply for a loan to them. A lender can be approached directly or through a mortgage broker depending on a borrower’s own condition or state of affairs.
When it comes to taking out loans, there is no dearth of financial institutes to choose from but it can be an overwhelming task as it is a crowded field. A mortgage lender like Blue Square Mortgage makes a loan directly to you but a mortgage broker will act as an intermediary between you and the lender. Even though a mortgage lender can make a loan directly to you but there is many a slip between the cup and the lip.
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Unlike a mortgage lender such as Blue Square Mortgage, a mortgage broker is not someone who will give a loan on their own, however, they will help you find the best mortgage lender and will charge you the fee. Whether you hire a mortgage broker or you contact Blue Square Mortgage Lender, the loan process involves two parties; the lender and the borrower.
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A person with good PR can find a lender but a person with no knowledge of and touch with the loan market will need to make use of an experienced mortgage broker to help them find a lender to suit their needs. An average person has not already worked with more than one lenders and it is very hard for them to find the right mortgage lender such as Blue Square Mortgage without the help of a person who is always in touch with the loan market. Working with many lenders isn’t a joke!