If you’ve never used a loan comparison service before, then you might be surprised to hear that even banks recommend them. In the battle to be recognised as the fairest lender, many financial institutes actively encourage their potential borrowers to compare the rates of a multitude of banks before deciding on the cheapest (and fairest) one for their needs.
Now, we have an idea of what you’re thinking… comparing loans can take a lot of time.
There’s the need to research the latest rates from a multitude of different lenders, then compare repayment options and other factors; all before narrowing down the selection, so that only the most suitable options remain. Even the most experienced borrowers might struggle to carry these tasks out efficiently, due in no small part to the fact that banks and lenders are always changing their terms.
This is where professional batch comparison services come in handy. You won’t find these features outside of the mortgage broking industry; come to think of it, it was these experts that actually invented the activity in the first place. Rather than approaching lenders individually, many brokers have access to databases that compile the freshest data for them – making it quite a bit simpler to grab the latest info if and when it comes in.
Are Batch Comparisons Reliable?
One of the main reasons why a borrower might prefer to address every factor relating to a lender’s terms and rates, is the potential to understand each and every factor that they are offering. Now you might think that this isn’t possible when comparing mortgages in bulk, but the truth is that with advanced software and functional tools brokers can almost instantly compare rates (and can even specify what they are looking for on behalf of their client).
What this means is that particular preferences can be honed in on, whilst eliminating the types of conditions that you might not be interested in. There’s even the option to take these results and siphon through them manually – which many brokers still offer as a standard service. The potential to minimise your search time is something that you’ll only truly take full advantage of when hiring an expert, and considering how much time and effort they can save there’s really no reason why you wouldn’t want to use their services.