Mortgage Company

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What's the difference between a bank and a mortgage company?

In much the same way that Dixon's sells PCs but isn't a PC retailer, many firms offer mortgages as just another service. Dealing with a dedicated mortgage company is often a better bet, because mortgages are their entire business and as a result, they could be more flexible.

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Lots of people buy computers from retailers such as Comet, Dixon's and Curry's, but those in the know deal directly with computer companies such as Dell or IBM because they can get exactly what they want. It's a similar story with mortgages: when you deal with a mortgage company, mortgages are their entire business; with some firms, mortgages are just another service lumped in with insurance, bank accounts and credit cards.

Is there a difference? Sometimes, yes. Unlike a mortgage company, a bank is likely to have a relatively low number of mortgages to choose from, and there won't be much flexibility. By comparison a mortgage company can often choose from a much larger selection of products, often from a variety of lenders, and as a result it can help you compare different mortgages from different lenders. It's also unlikely to try and sell you other services such as premium bank accounts or credit cards.

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