Banks vs Brokers vs Lenders We Always Work in your Best Interests.

Shopping for a Mortgage?

When shopping for a mortgage loan it’s a good idea to speak to both brokers and direct lenders. Because mortgage brokers have access to hundreds of different lenders and types of loan programs.

They can shop interest rates for you and help you compare different terms such as fixed-rate mortgage vs. adjustable-rate mortgages, 30 year and 15 year terms, and advise you on other things to tailor a loan that’s perfect for you. If you have imperfect credit then using a broker over a direct lender will be to your advantage because there are more programs that you may qualify for.

Brokers have access to far more loan products

Brokers typically have access to far more loan products and types of loans than a large-scale bank, whether it’s FHA loans, VA loans, jumbo loans, a USDA loan, or simply a borrower with bad credit.

Meanwhile, an institution like your locak Bank where you have an account might only offer conventional mortgages, such as those backed by Fannie Mae and Freddie Mac.

If you go with a broker, you might wind up with a more personalized loan experience, where they can carve out solutions to your problems, whether it’s a low down payment, limited credit history, or the desire to limit closing costs and/or avoid mortgage insurance.

Working With a Mortgage Broker

A mortgage broker manages the process for you by applying for loans with different lenders, finding competitive interest rates and negotiating loan terms.

Mortgage brokers are licensed and regulated financial professionals. They do a lot of the legwork — from gathering documents from you to pulling your credit history and verifying your income and employment — and use the information to apply for loans for you with several lenders in a short time frame.

Is a mortgage broker right for me?

A mortgage broker applies for loans with different lenders on your behalf, shops for competitive mortgage rates and negotiates terms.

You can also save time by using a mortgage broker; it can take hours to apply for different loans, then there’s the back-and-forth communication involved in underwriting the loan and ensuring the transaction stays on track. A mortgage broker can save you the hassle of managing that process.

Why You Shouldn't Go to Your Regular Bank for a Mortgage

Why Most People Don’t Get Mortgages from Their Bank. if you stick with your bank or credit union just because you like them you may be missing out on a much better deal.

Ofcourse most banks offer mortgages, but they may not offer the type of mortgage you’re looking for, or offer you any insight into which product is best for you.

You may even be denied a mortgage at a large bank and give up on the process, not knowing another bank or mortgage broker would have found a solution.

Disadvantages of Banks

Working directly with a bank requires negotiating your own mortgage loan terms. By working with the bank, you will not have a broker to help you bargain for better conditions on your loan.

If you have knowledge of the market, bargaining may not be a problem. However inexperienced homebuyers purchasing a home for the first time may struggle bargaining for the terms they want with large banks.

Furthermore, banks are less flexible than mortgage brokers. Banks have their own mortgage loan programs and may be hesitant against any possible changes. It is easier to get a more desirable loan with a mortgage broker rather than directly with a bank.

Although working with big banks is the most popular option, finance experts encourage exploring other options.

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