Mortgage Pre-Approval: Bank vs. Mortgage Broker

Let’s talk money. One of the most important parts of buying a house is actually paying for it. That means getting pre-approved for a mortgage and knowing what you can comfortably afford, and what your terms will look like.

Two ways to get pre-approved

When it comes to getting pre-approved, you have two main options.

1. Your bank

Your bank can pre-approve you, but they can only offer their own specific rates and terms. You’re getting one lender’s products and nothing else.

2. A mortgage broker

A mortgage broker shops your mortgage across different banks, credit unions and other lenders to find the option that works best for your situation. That can mean:

• More choice of rates and terms
• Options for unique situations, such as self-employment or rebuilding credit
• One application to compare many lenders

Why we prefer mortgage brokers

The Right Choice team’s personal preference is to work with a mortgage broker, and not just because they shop around for you. It’s also how easy they are to reach. Unlike many banks, mortgage brokers are often available after hours and on weekends, exactly when buyers need answers during an offer.

Either way, get pre-approved

Whether you choose your bank or a mortgage broker, getting pre-approved is a vital step in buying a home. It tells you your budget, makes your offers stronger and helps you move quickly when the right home comes along.

Need a mortgage broker you can trust?

We work with trusted local mortgage professionals and are happy to connect you.

Call 289-276-1716 or start your home search.