Wednesday, May 26, 2010

Whats the difference between mortgage "brokers" and loan officers at a bank?Is it better t

Is there more %26quot;fees%26quot; associated with one and not the other? Will be first time home buyer and need to know the basics to know where I should get started? Thanks to anyone with any helpful inforation.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

IMHO, you should actually look for a Mortgage Banker.... that is the best of both worlds. They have their own programs, plus access to funds that fall %26quot;outside the box%26quot;. Most all lenders pull money from the same pot, have fees that are comparable, and are eager to gain your business. Reliability, reputation, service, convenience, and professionalism, should all be factored into your buying decision. Stay away from the %26quot;shady loan officers%26quot; that lurk everywhere.... trying to hit you with unreasonable upfront fees and hidden costs. Remember that if you are at the closing table, and you don't feel comfortable (or the deal has changed) WALK AWAY.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

Mortgage brokers usually scout around to find the best deal at banks or other lending institutions but get (or should) their fees by way of commission from the bank. Invariably it makes no difference if you approach various banks and get your own deal.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

The %26quot;fees%26quot; are cheaper at a bank, but you have to know what you need. Most banks are now using brokers/Loan Officers and their fees are the same.



I would like for some one that I know or like. There is a lot of advice and planning that goes into this process and the more knowledgeable you are the better.



People that look at this from the perspective that this is a long term plan and not a one time transaction will benefit you the best.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

I was recently told about a site www.lowrateapprovals.com/61452 that deals with 250 banks nationwide but even if you don't decide on them they do have alot of info about how mortgages work. they have a Q%26amp;A place on their site. you don't need to give any of your info to get answers.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

Brokers are best because they have more programs at their fingertips than banks do, and they have to disclose everything on the Good Faith Estimate, unlike mortgage bankers. Plus, brokers have to actually have some industry knowledge, unlike banks, who essentially pay someone to input information and tell the customer what the computer says.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

I have been both a mortgage broker and a mortgage banker so can speak from practical experience.



Mortgage brokers are a third party, consequently, those using brokers pay the broker fees as well as the lender fees.



Brokers may occasionally be able to offer a slightly lower interest rate on some products as that is an inducement to bring in the wholesale business but there are a number of in-house bank programs to which brokers do not have access.



In addition, predatory lending is much more prevalent in the broker arena as banks have higher ethical standards and are more closely monitored rather than being self-policed as are brokers.



There isn't one mortgage bank I am aware of that will charge you for a pre-approval. As a matter of fact, it is more likely that you will be required to pay up front fees to a broker for the costs of the credit report and appraisal than with a mortgage bank.



Finally, a bank is more likely to offer you a higher level of service as they are more interested in additionally developing your deposit relationships than in how much money they can make on this one transaction. They want to have you as a lifelong client for as many of their services as can benefit you.



Please feel free to email me if I may be of further assistance.



Whats the difference between mortgage %26quot;brokers%26quot; and loan officers at a bank?Is it better to go through a bank?

I take great exception to what the lady before me said. I gave her a thumbs down.



As you can see there is much competition between mortgage bankers and mortgage brokers. I think that the best place to go is to a mortgage broker. I work for one.



So in order to satisfy your self why not get an estimate from each. Quite often my deals are lower than the banks.



I would get 2 estimates from each. Then you can decide.



Best of Luck

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