Mortgage Brokers Need To Know Bank Criteria
Each bank has ‘policy’ which dictates what they can and cannot do and as mortgage brokers it is our job to know and understand the various bank criteria.
Even for mortgage brokers who deal with banks every day, at times it the bank criteria tends to make no sense.
The banks create these policies in a similar way that a small organisation may have rules and guidelines, but bank policies often take a blanket approach and therefore restrict what the banks staff can do.
What this means is often the banks seem to make decisions that seem illogical
They often cause frustrations to the point where they want to refinance and shift to another bank.
Refinance Your Mortgage
Refinancing your mortgage is a big decision; however it can often be an easy decision too especially when bank criteria does not allow people to do what they want to do.
This of course is only one reason that makes people choose to refinance their mortgage.
There are many reasons for people to refinance their mortgages to another bank.
It is quite an easy process, especially if you work with a good mortgage broker.
Check out our e-book on refinancing your mortgage – it’s FREE and has some good information too.
Bank Criteria Is All Different
Many people think that all banks will be the similar and have the same bank criteria, but this is not always true.
While it is true that most banks do have similar rules, the fine detail can be quite different and that means when one bank says “NO” it does not mean that the other banks will make the same decision.
Quite often there will be a bank that will say “YES” but you need to know which bank that will be and how to present you application to them.
Mortgage Brokers Know Bank Criteria
As mortgage brokers we are continuously researching and learning about the changes to bank criteria.
It is definitely not an easy thing to keep up to date with and is a key reason we joined The Mortgage Supply Company in 2016 as they are very active in the area of training the brokers. Each week we are updated with the key changes to bank criteria, but also due to the volume of business that this group does and the professionalism of the people involved we also get the chance to provide feedback to banks which can help shape changes to bank criteria.
Just today we met with a bank to discuss potential changes the bank wants to make, and we were also advised that the bank had reversed a decision on our advice.
We cannot always make sense of bank criteria, but we know how to get the best results.
Source: North West Mortgages