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Frequently Asked Questions:
With over hundreds of clients, we have been asked it all. Here are some of our favorites.
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What are the advantages of working with a mortgage broker over a bank or credit union?
"The American Dream is only a Home Loan away"
The Benefits Of Working With A Mortgage Broker vs. Bank
Having previously worked for a large Bank, and now working as a Broker, I feel like I know first hand the difference. The best way to explain it is retail vs. wholesale or limited selection vs. wide variety.
Bank/Credit Union:
- Offer limited loan program choices. May not offer FHA, VA, bruised credit loans etc…
- Do not offer the most competitive interest rates. Each bank determines what rates they are going to offer and offers them to you on a retail bases
- Your application may be processed out of state which may delay your approval, appraisal or closing documents
- If you loan is not approved, you are usually forced to find financing elsewhere where you will have to begin the application process again with a different bank or lending company
Mortgage Broker:
- Has hundreds of loan programs available including but not limited to the products most local and national banks offer (click here to go to loan program options)
- Offer the best interest rates because they get rates on a wholesale basis from most of the local and national banks and also many wholesale only companies who do not offer their products direct to the public
- In cost cases, your application including processing, underwriting, approval, loan documents and closing occur locally
- If your loan is not approved on the first try, it can easily be submitted to another lender without you having to complete any additional paperwork
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