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Mortgage Brokers or Banks: Which is Right For You?
When you're looking for a home loan, you might work with an officer at a bank or other lending institution, or you might choose to work with a mortgage broker. The end result is the same - a new house, but the two types of jobs differ.
Bank Loan Officers: The loan officers at a bank, credit union or other lending institution are employees who work to sell and process mortgage and other loans originated by their employer. They often have a wide variety of loan types to draw from, but all originate from that specific lender.
The loan officer takes your mortgage application and works to find a loan product that suits your needs. If your personal credit is approved, the officer moves forward to process the home purchase transaction.
Mortgage Brokers: Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance mortgage agents.
Think of mortgage brokers as scouts. They find and evaluate homebuyers, analyzing each person's credit situation to determine which lender is the best fit for that person's needs. The mortgage broker submits the homebuyer's application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.
The mortgage broker working to secure your loan is earning a fee for that transaction - and the better deal they achieve for a lender, the more they are paid. Don't be too anxious to disclose the interest rate you would be willing to accept, let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.
Many of the mortgage options advertised online are by mortgage brokers. What difference does it make? Maybe none, but you should be aware of the differences between the two positions. A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.
Mortgage brokers can often find a lender who will make loans that a bank refuses. Problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.
Lana Hampton makes it easy to find the mortage right for your needs. Visit her Mortgage website today for the latest information.
MORE RESOURCES updated Mon. December / 04 / 2023
Exclusive: S.F.'s Stonestown mall owner closes on refinancing $180M mortgage - San Francisco Chronicle
Exclusive: S.F.'s Stonestown mall owner closes on refinancing $180M mortgage San Francisco Chronicle
Mortgage Interest Rates Today, December 3, 2023 | Rates Remain Low After Dropping Last Week - Business Insider
Mortgage Interest Rates Today, December 3, 2023 | Rates Remain Low After Dropping Last Week Business Insider
Mortgage Interest Rates Today, December 2, 2023 | Rates Are Down, and They Should Drop More in 2024 - Business Insider
Mortgage Interest Rates Today, December 2, 2023 | Rates Are Down, and They Should Drop More in 2024 Business Insider
Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability - Business Insider
Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability Business Insider
How soon can you refinance a mortgage? CNN Underscored
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Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot - CNBC
Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot CNBC
The best mortgage lenders for refinancing in December 2023 CNN Underscored
2 Reasons Why a Free Mortgage Refinance Could Be Right for You The Motley Fool
Las Olas Capital Partners and Stiles Corp. refinance AutoNation ... - South Florida Business Journal
Las Olas Capital Partners and Stiles Corp. refinance AutoNation ... South Florida Business Journal
INvestEd Student Loan Refinance Reviews 2023 Arizona Education News Service
The Great Pandemic Mortgage Refinance Boom - Liberty Street ... Liberty Street Economics -
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Buy Now, Refi Later? 84% of Recent Homebuyers Are Banking on It U.S News & World Report Money
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders - CNBC
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders CNBC
Today's 30-Year Mortgage Refinance Rates U.S News & World Report Money
Should You Refinance Your Home Loan? Credible
Current mortgage refinance rates in 2023 USA TODAY
CFPB Mortgage Report Finds Jumps in Closing Costs and Denials ... - Consumer Financial Protection Bureau
CFPB Mortgage Report Finds Jumps in Closing Costs and Denials ... Consumer Financial Protection Bureau
Will Mortgage Rates Go Down in 2024? What Homebuyers Should ... Business Insider
Compare Today’s Refinance Rates U.S News & World Report Money
FHA Streamline Refinance: Your Full Guide | Chase.com Chase News & Stories
Mortgage refinance: What is it and how does it work? Yahoo Finance
15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider
Loan officer: I’m seeing middle class homebuyers take on $7,000 mortgage payments thinking they can ‘always refinance when rates come down in the future’ - Fortune
Loan officer: I’m seeing middle class homebuyers take on $7,000 mortgage payments thinking they can ‘always refinance when rates come down in the future’ Fortune
Mortgage Rate Forecast: When Will Rates Go Down? | U.S. News U.S News & World Report Money
What Credit Score Is Needed To Refinance a House | Chase Chase News & Stories
Here's how sharply mortgage refinancing has dropped Yahoo Finance
How Soon Can You Refinance Your Mortgage? | Chase Chase News & Stories
These 4 mortgage lenders can be excellent choices for seniors — whether you're refinancing or getting a new home loan - CNBC
These 4 mortgage lenders can be excellent choices for seniors — whether you're refinancing or getting a new home loan CNBC
What's the cost of refinancing a mortgage? Mortgage Professional
What Happens After You Refinance a Car Loan? Investopedia
Should you refinance your mortgage to pay off debt? New York Post
Should I refinance my student loans? MarketWatch