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Why You Should Never Deal Directly With A Bank

Why you should never deal directly with a bank

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This week independent mortgage broker had a unique experience that reinforced why you should always use a mortgage broker. To set the scene, it was Saturday at 7.30 pm on a Saturday night, and the office phone rang.

After the shock and delight of receiving an after-hours call from a bank on the weekend, we answered the call. The caller is showing it is the credit assessor of a major bank which will remain nameless. Mortgage Broker Melbourne What If We Finance works 7 days a week, 8.30 am to 9.30 pm, so while the call was within our working hours, it was highly unusual for a bank.

credit assessor

When the call was answered, the assessor advised they were calling to discuss an urgent deal, and now the conversation gets interesting.

The assessor bluntly advised us the “deal does not service”. Does not service is “bank speak,” the deal will be declined. We were surprised because home loan broker What If We Finance would never knowingly submit a deal that would be declined. This is a responsible lending obligation that we take seriously.

What followed was a spirited conversation where as a mortgage broker, we presented our client’s needs and walked through the needs of our client and all the parameters used by the bank. The bank parameters were questioned and challenged by ourselves.

After 40 minutes of discussion and debate, the credit assessor advised their numbers were wrong and apologized for their mistake. The deal was approved, and the customer was saved from the stress and angst of dealing with a bank that may have declined the loan.

More importantly, how would the customer know the bank made a mistake? Often, banks would blindly say the deal does not fit our credit policy to the customer and decline the deal. The net result would be an extremely stressed customer who could not build their dream home, buy a house or refinance.

mortgage specialist

The above example highly why you should use an independent mortgage broker and, more precisely, an experienced broker. Anybody can enter numbers in a calculator, but bank policies are complicated and vary.

As a customer, you need a mortgage broker who understands bank policy, is experienced and has the courage and conviction to stand up to the bank. In short, the broker must be independent and fight for your interests.

They must clearly understand your goals and needs and be prepared to represent you with courage and passion.

The above experience highlights exactly the value What If We Finance brings. Established in 2008, we are independent, deal with over 40 lenders and have access to over 2,000 products.

Our experience and passion mean we will fight for you as a client and have one of the highest loan approval rates in the market. More importantly, we take time to understand your needs and circumstances. You should not be seduced by interest rates or cash back but work with the best mortgage broker, What If We Finance, who can help you achieve your goals and dreams.

Contact What If We Finance to find an unbeatable deal today.

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