Mortgage Broker vs. Bank when it comes to borrowing for a real estate purchase?
Q. WHY SHOULD I USE A MORTGAGE BROKER OVER A BANK?
A. This is a very common question… When you work with a Bank you are typically dealing with one product line. When you deal with a mortgage broker, you get the benefit of options and loan programs from many different banks and mortgage lenders all with only one credit pull. Additionally, mortgage brokers close faster, save you money and often say yes when the BANK SAYS NO!
Q. HOW MUCH OF A INFLUENCE DOES CREDIT SCORING HAVE ON INTEREST RATES
A. Unlike years ago, mortgage rates are now credit risk based, so credit scores can influence rates by more than 1.00%!
Q. HOW CAN A MORTGAGE BROKER HELP ME WITH WAYS TO IMPROVE MY FICO SCORE?
A. This is more a matter of the individual loan officer you are working with, rather than just being a mortgage broker benefit vs non-broker. Finding a mortgage broker with many decades of credit experience allows them to share with you how to improve your score which allows them to seek the best loan for your circumstances…
Q. HOW ASSURED CAN I BE THAT I’M USING A BROKER THAT IS KNOWLEDGEABLE AND TRUSTWORTHY, WHAT CREDENTIALS SHOULD I BE ASKING FOR?
A. Beside the common one, that people can call references or check out reviews, Brokers are required to be INDIVIDUALLY LICENSED whereas bank loan officers work off the banks license. Therefore, mortgage brokers must, pass a state and Federal Exam, Keep up with ANNUAL Continuing Education, have background checks, and even credit report and financial stability requirements.
I’m happy to help you answer any questions you may have or if you’re down the path of purchasing and need immediate assistance please contact me HERE.