Q. What are the advantages of applying to a Mortgage Banker
instead of a Bank?
A: A good Mortgage Banker can save you time and money in several
ways.
A good Mortgage Banker, unlike most banks, will take the time to assist
you in filling out the complex forms required for submission with your
loan application.
A good Mortgage Banker knows ahead of time what is needed in order to
approve your loan application.
A good Mortgage Banker will accept a ONE TIME application, credit and
appraisal fee for a multiple network of lenders. Unlike a bank, the
Mortgage Banker can make the loan itself or assign your loan to any
number of lenders for the swiftest approval and most competitive rate at
no additional cost to you.
A good Mortgage Banker often knows if your loan will be approved before
you even apply...this can save you weeks of waiting time.
Q. How much do rates differ among Mortgage Bankers and Banks?
A: Most Mortgage Bankers and Banks have very generic rates because
their rates are all determined by various government indexes. The big
difference is in the level of service and most importantly...Results.
Q. Am I more likely to get approved by applying to a Mortgage
Banker rather than a Bank?
A: A Bank is required to protect their depositors and maintain
diversity by issuing other types of loans such as personal, car or
student loans. A good Mortgage Banker's 1st and only business is to
approve and close as many mortgage loans as possible as this is its only
source of revenue.
Q. Will my loan cost me more or less if I obtain my mortgage from
a Mortgage Banker rather than a Bank?
A: Your loan should cost the same or less if you go to a Mortgage
Banker. A good Mortgage Banker receives their compensation based on the
value of your mortgage after closing.
FHA,
VA & Conventional Loans