This blog is generated today due to why choosing a Mortgage Banker over a Mortgage Broker can really effect more then you think. I am a mortgage banker (I know I need to make that clear).
Rates: This is the number 1 asked question:
The Banker gives out rates that the bank he/she works for gets direct from wall street.
A Broker get’s rates from a bank that deals directly with wall street. Now can someone broker a loan with a bank? The answer is yes - this is where it becomes a little confusing. For all in-tense and purposes a Banker get’s the best interest rates vs. a true mortgage broker.
Fee’s: Which is more or less? The fee’s change from mortgage company to mortgage company naturally but one thing does stay constant when you are a broker you need to pay your staff and the mortgage company you are brokering the loan too. Usually to you the borrower it means more money to close.
Now this is the biggest reason you want to use a Mortgage Banker vs. a Mortgage Broker:
CONTROL
I am a mortgage banker and one thing I can do with my loans is control the loan from the time we do your inital application all the way through closing! This is important because if I have something you need to get me there is no red tape on where to send it to (your loan in underwriting and trying to clear for closing) the underwriter because this individual is in my office. This also means I can walk your paperwork to the underwriter for quicker decisions in time crunch situations.
HIGHLIGHT OF THE MONTH (SO FAR): Me and my staff did a complete clear commitment inside 24 hours of the borrower calling me on my cell phone at night subject to the appraisal being completed - which happened the next morning. Please don’t hesitate if you need anything short of a miracle to get your loan closed!
