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Bank Vs. Mortgage Broker
EDITORIAL REVIEW
What you need to know and what's best for you! The internet is filled with websites and pop-up ads for great mortgage rates. There are TV commercials and don't forget friends and family weighing in as well. When it comes to a mortgage, what exactly are your options? There are two main places you can go when seeking a mortgage. You can visit your local BANK or MORTGAGE BROKER. There are pros and cons to both, so let's evaluate.
The BIG Loan
Banks are what most people think of first when it comes to financing for autos, mortgages and other types of loans. They are local to the community and you most likely have an account of some type with them already. This helps to create a level of comfort for a prospective borrower. You can go right into the local bank, sit with a familiar face and complete an application at your leisure. This is where the pros end. Most employees of local and national banks don't know the first thing about mortgages. The completed applications are sent to a central office for review and decisions are made by bank personal, who don't know you from the next applicant. The local touch starts to lose it luster. Banks are also restricted to the current interest rate and limited by the products that they are offering. If you don't fall into their cookie-cutter profile, you don't get a loan.
Mortgage Brokers are professionals who specialize in matching clients and products together for a perfect fit. Mortgages have evolved over the years into many niche products, and that is great for buyers. A good mortgage broker will take the time to sit with you, ask questions about your purchase or refinance, your personal finances and your long-term outlook for the property. This helps them to find the right loan for you. Working with a mortgage broker can save you lots of time and money because most brokers work with many different lenders, so they shop around for the best rates. Lenders give better interest rates to the clients of mortgage brokers because of the sheer volume of clients that mortgage brokers bring in. Mortgage brokers also represent you in your quest to qualify for a mortgage. They help with the loan application, required documentation and everything else that is necessary to complete a loan. They steer you in the right direction and answer questions along the way. There is a cost to use
the services of a mortgage broker. The good news is that you don't pay until your loan is approved and closed.
There are a few rotten apples in the bunch, just like any other profession, but don't let that hold you back. Find a good mortgage broker and stay with them for life. The knowledge, service, professionalism and piece of mind they can bring during one of the largest purchases of your life is priceless.
P.S. - A good mortgage broker is like a good slot machine. It pays every time.
If you have any questions about this article or you'd like to speak to someone about qualifying for a mortgage, please call Streamline Mortgage Corp. and ask for Anthony Focca, Branch Manager at 1- 800.955-1677: afocca@ez-mtg.com. He would love to help you in your quest to purchase a home.
The BIG LoanBanks are what most people think of first when it comes to financing for autos, mortgages and other types of loans. They are local to the community and you most likely have an account of some type with them already. This helps to create a level of comfort for a prospective borrower. You can go right into the local bank, sit with a familiar face and complete an application at your leisure. This is where the pros end. Most employees of local and national banks don't know the first thing about mortgages. The completed applications are sent to a central office for review and decisions are made by bank personal, who don't know you from the next applicant. The local touch starts to lose it luster. Banks are also restricted to the current interest rate and limited by the products that they are offering. If you don't fall into their cookie-cutter profile, you don't get a loan.
Mortgage Brokers are professionals who specialize in matching clients and products together for a perfect fit. Mortgages have evolved over the years into many niche products, and that is great for buyers. A good mortgage broker will take the time to sit with you, ask questions about your purchase or refinance, your personal finances and your long-term outlook for the property. This helps them to find the right loan for you. Working with a mortgage broker can save you lots of time and money because most brokers work with many different lenders, so they shop around for the best rates. Lenders give better interest rates to the clients of mortgage brokers because of the sheer volume of clients that mortgage brokers bring in. Mortgage brokers also represent you in your quest to qualify for a mortgage. They help with the loan application, required documentation and everything else that is necessary to complete a loan. They steer you in the right direction and answer questions along the way. There is a cost to use
the services of a mortgage broker. The good news is that you don't pay until your loan is approved and closed.
There are a few rotten apples in the bunch, just like any other profession, but don't let that hold you back. Find a good mortgage broker and stay with them for life. The knowledge, service, professionalism and piece of mind they can bring during one of the largest purchases of your life is priceless.
P.S. - A good mortgage broker is like a good slot machine. It pays every time.
If you have any questions about this article or you'd like to speak to someone about qualifying for a mortgage, please call Streamline Mortgage Corp. and ask for Anthony Focca, Branch Manager at 1- 800.955-1677: afocca@ez-mtg.com. He would love to help you in your quest to purchase a home.