Mortgage Bank or Broker?

When you’re in the market for a new home, one of the biggest decisions is finding someone to originate your home loan. You’re going to want to find someone that you trust.

Why use a Broker….

· Dealing with bank hours can be rough if you work Monday-Friday. Those who work a typical 9-5 may have a hard time getting them on the phone. Brokers work off their cell phone so they are always available to you.

· Local brokers can actually work side by side with your realtor along the way. They might even know your realtor.

· Who wants to call into a hotline and have to be on hold and transferred? With a local broker, you are sitting directly in front of them working one-on-one. It’s nice to have someone within a close distance to help whenever you need them.

· For those having trouble qualifying, brokers typically have access to more programs you can qualify for. I.e, FHA, VA, Jumbo, etc.. Banks have limited loan options and tend to care more about their commission.

· Brokers are on Standby. After your application is approved, they will stick around the closing to make sure everything goes as planned.

· Lenders tend to be faster than banks. Have you heard the horrifying stories about a loan taking 3-6 months to close? The majority of the time it is because they went through a bank vs. a broker.

Give a local mortgage lender a call and ask some questions. Let them know where you’re at in the process and let them run with it. You will most likely feel more comfortable with someone who knows your area and the people in it.

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