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Mortgage Broker vs Direct Home Loan Application with a Bank

Mortgage Broker vs Direct Home Loan Application with a Bank

Nook Admin – October 20, 2021

Transcript of the video

Cy

Hi guys, welcome. I'm Cyrus from Nook, the Philippines first mortgage broker. We will help you find the right home loan and get it approved by a major bank for absolutely no charge.

In today's video I have with me Tessa Arimado from our team to chat about the main differences between using a mortgage broker like Nook verses going directly to a bank for a home loan.

Welcome Tessa....

Tessa

Hey Cy. Thanks for having me.

Cy

Great, let's dive right in - what are the key differences between using a mortgage broker like Nook verses going directly to a bank?

Tessa

It's actually pretty simple Cy. It's more choice.

It's being able to more accurately compare home loan products. Not all home loans are the same and not every borrower will fit the criteria of every bank either.

So at Nook, we're able to use our technology to match you to the banks you are qualified with very quickly.

Whereas, if you went directly to a bank, you don't get any choice, you can only chose their home loan product. And you don't know if you match their criteria without completing the entire home loan process.

You may also chose a loan that doesn't meet your needs.

Cy

Right, thanks Tessa.

So, some people say that using a mortgage broker is much simpler then going directly to a bank for a home loan. Is that true?

Tessa

Yes, that's absolutely true.

When you use Nook to secure your home loan, you're handing over the complex home loan process to a team that handle home loans every single day. A mortgage broker like Nook does the whole home loan process for you. They guide you through the process and doing all the running around with the banks for you....saving you a lot of time and stress.

Home loans require a lot of paperwork and a lot of time to continually talk to the bank. There is a lot of back-and-forth between borrower and bank. It is very time consuming for a borrower to work directly with a bank.

So Nook is much more convenient.

Cy

Sounds pretty good. Having someone to do all that work for you so you can relax. So does that mean I don't need to visit a bank multiple times and get requirements from the bank?

Tessa

That's correct. There is no need to visit a bank or do any of the usual time consuming process. In fact, the only time you will need to visit a bank is when your home loan is approved and you sign the final paperwork.

With Nook, we use technology to streamline the process. So a borrower can stay home and talk with our Home Loan Consultants without leaving home.

You also get text and email alerts throughout the process to keep up-to-date and check the home loan status online 24 hours a day.

Cy

That sounds great - particular in a post-covid world where people don't want to leave home and are looking for smarter ways to do thing.

So Tessa, how much is all this going to cost a home loan borrower?

Tessa

That's the great thing about a mortgage broker like Nook - the service is completely free to our clients. We do not charge a home loan borrower anything for our services.

Our arrangement is with the bank and we work with them. So it's a pretty easy decision of why someone would use a mortgage broker like Nook for their home loan rather than try to do the whole thing themselves.

Cy

Sounds great Tessa. Seems like a pretty obvious decision to use Nook.

Great to chat today Tessa.

Tessa

You too Cy.

Cy

So that's it. That's the advantage of using Nook rather than do it all yourself.

Now, if you are looking for more home loan help, follow or Like us on Facebook, Instagram, YouTube or Twitter.

Or visit us at nook.com.ph

See you next time.