Why you should be using a mortgage broker (wholesale) versus using a bank (retail)!
One of the biggest advantages in using a mortgage broker is that they are experts in the mortgage industry. They study the market and know the trends so that they are familiar with what institutions offer which types of mortgages. Brokers act as the middle man and they do all the legwork for you. Your mortgage broker will also help facilitate all of the paper work and will save you time, money, and a whole lot of stress.
Mortgage brokers compare wholesale mortgage rates, which are typically lower than the retails interest rates, from a variety of banks and lenders all at once. You will have more loan options when working with a mortgage broker because they work with numerous banks and lenders. Most buyers that have unique situations can get financing with a mortgage broker because of the various loan programs they offer. And finally mortgage brokers are easier to get in touch with because they work outside of the normal 8-5 Monday through Friday schedule
Mortgage brokers compare wholesale mortgage rates, which are typically lower than the retails interest rates, from a variety of banks and lenders all at once.
Banks historically have less loan options available to you when choosing a mortgage. A loan officer who works for the bank will be obligated to try selling you mortgages that have been manufactured by their employer. They will be incapable of offering you an unbiased service; their best interest is not in you but rather in the institution that they are working for.
Your mortgage broker will also help facilitate all of the paper work and will save you time, money, and a whole lot of stress.
The bank offers much more conservative loan programs and the process is very lengthy. Very often banks will give the buyer false promises to get them to commit to a loan with their institution. Most of the time they will charge the buyer some sort of an application fee that is non-refundable.
Lastly Loan officers at retail banks are not required to be licensed with the state. Therefore most loan officers are not fully aware of the state guidelines for each particular loan program.
When you are making a decision as important as who will be handling your mortgage, you need to take into account your specific, individual needs. It is so important that you take a mortgage study and make an extensive comparison of all of your different options. There are numerous resources available to help assist you in making an informed decision. After you study the information and know the facts then you can make the choice that best fits your needs.