Mortgage Brokers vs Banks
Mortgage Brokers
Mortgage Brokers
Mortgage Brokers
- A Mortgage Broker is licensed, both individually and corporately. They endure rigorous testing from both state and federal levels. Mortgage Brokers are background checked which includes finger printed criminal checks and are required to maintain personal minimum credit standards.
- Mortgage Brokers take yearly continuing education as well are bonded. This ensures the Mortgage Brokers are up to date on the latest knowledge and loan requirements for the industry.
- Mortgage Brokers are independent financing professionals who specialize in the origination of residential mortgage loans. They are able to give more one on one attention and customer service than that of banks.
- Mortgage Brokers work on average with as many as 40 lenders or more at any one given time. This allows the direct access of hundreds of diverse loan products tailored to specific financial needs.
- Mortgage Brokers have access to more competitive interest rates and are able to shop your loan around to various lenders to help obtain the most savings.
- Mortgage Brokers usually have in house loan processing and work on your loan from start to finish. Unlike banks who have several departments touching the same loan. Mortgage Brokers are able to watch and direct you as the clients with real-time progress and status updates.
Banks
Mortgage Brokers
Mortgage Brokers
- Bank loan officers working at federally state chartered deository institutions are not required to endure the same testing, license requirements, or yearly education as Mortgage Brokers. Therefore, their knowledge of the process and loan types are not adequate to that of a Mortgage Broker.
- Bank loan officers are in some cases just general bankers or customer service types. Their services can be spread too thin and simply cannot give the attention each loan and client deserves.
- Banks do not have a network with various lenders. Unlike a Mortgage Broker they do not have access to various loan products and are held to their own institutions rates, criteria standards, and loan options.
- Unlike Mortgage Brokers, Banks do not have to disclose what they make on your loan and you may pay more than you need to do to hidden points and fees.
- Banks tend to have a higher percentage of loans that are denied and filled with false promises. Banks typically take longer to close loans and are more difficult to work with due to the "assembly line" of departments and multiple individuals who your loan is passed off on to.
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This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice and may not be available in all states. All products are subject to credit & property approval. 1st Option Mortgage LLC is not affiliated with any government agency.
Fl License # MBR1742
MI License # FL0019791
Company NMLS 1313013
