Both banks and mortgage advisors can help you get the funds you need to buy your home, as long as your credit, income, and debts meet their qualifications. But they each come with a unique set of pros and cons.

Mortgage bankers or advisors like CosmoLends are held to a higher standard and trained to create the perfect loan strategy for you and your family. They usually offer a larger variety of loan options, and they can be more forgiving of borrowers and damaged credit.

Mortgage advisors not only focus on your short-term needs, but also your long-term personal and financial goals. The unique CreditBuilder Program that we offer will tailor a mortgage plan to your specific circumstance. We will walk you through your credit report results, answer your questions and make suggestions for improvement.

Big banks typically have fewer loan options and stricter lending criteria making it longer to close on a bank loan. The loan originators at banks don’t need to take or pass any national or state licensed tests. Another major downside of bank loans is that they often come with stricter lending standards because they’re subject to federal compliance and reporting laws. This might make it harder for you to qualify if you have less-than-perfect credit or a major financial event like a foreclosure or bankruptcy on your record.

Mortgage Advisors: Pros & Cons

Pros

  • More lending expertise and training
  • More loan options
  • Better loan guidance and advice
  • More willing to negotiate on terms
  • Faster loan closing

Cons

  • May not have a physical location
  • The lender may sell your loan to another servicer after closing

A mortgage banker or advisor, unlike a big bank, can help if you want support sifting through loan options, pinpointing the best interest rates or overcoming complex borrowing challenges. As a mortgage advisor, CosmoLends acts in your best interests when recommending a home loan. Call us at 216.387.1003 or complete our easy online enquiry form and tell us a little about your situation. We also offer a free Renters Workshop which provides participants with an overview of the home buying process.

A mortgage advisor like CosmoLends can help if you want support sifting through loan options, pinpointing the best interest rates and overcoming complex borrowing challenges.