THE BEST LOCAL MORTGAGE.COM
Use A Professional Familiar With Your Area
Wholesale VS. Retail Mortgages
Most people do not know the mortgage industry lingo. One major question that needs to be asked to determine if the lender can offer you the best rates and widest range of products is "are you a retail lender or a mortgage broker". See below for comparisons:
MORTGAGE BROKER:
ACCESS TO WHOLESALE RATES.
LESS OVERHEAD EXPENSES.
LESS EMPLOYEE EXPENSES.
LESS PAYROLL EXPNESES.
LOWER RATES FROM LARGE BANKS.
PERSONALIZED SERVICE.
BETTER INTEREST RATES OVERALL.
QUICKER TURN TIMES.
AVALIBILITY OF DIFFICULT LOANS.
USAUALLY LOCATED IN YOUR AREA.
FAMILIAR WITH YOUR MARKET.
A mortgage broker can offer you a more personalized services with better rates and loan product availability. In most cases, when working with a broker, you only work with ONE person throughout the entire transaction. Brokers & their loan originators work with you hand-in-hand until your loan in complete.
They take the "fast food service" out of the mortgage industry.
ACCESS TO WHOLESALE RATES.
LESS OVERHEAD EXPENSES.
LESS EMPLOYEE EXPENSES.
LESS PAYROLL EXPNESES.
LOWER RATES FROM LARGE BANKS.
PERSONALIZED SERVICE.
BETTER INTEREST RATES OVERALL.
QUICKER TURN TIMES.
AVALIBILITY OF DIFFICULT LOANS.
USAUALLY LOCATED IN YOUR AREA.
FAMILIAR WITH YOUR MARKET.
A mortgage broker can offer you a more personalized services with better rates and loan product availability. In most cases, when working with a broker, you only work with ONE person throughout the entire transaction. Brokers & their loan originators work with you hand-in-hand until your loan in complete.
They take the "fast food service" out of the mortgage industry.
RETAIL LENDER/BANK:
ACCESS TO ONLY THEIR BANKS RATES.
MAJOR OVERHEAD AND EXPENSES.
MAJOR EMPLOYEE EXPENSES.
MAJOR PAYROLL EXPENSES.
HIGHER RATES TO COVER OVERHEAD.
ESEMBLEY LINE LOAN PRODUCTION.
HIGHER INTEREST RATES OVERALL.
AVAERAGE TURN TIMES.
LIMITED LOAN PRODUCTS.
USAUALLY LOCATED OUT OF STATE.
NOT FAMILIAR WITH YOUR MARKET.
A retail lender or bank usually works out of a few centralized locations throughout the united states.
You start with a telemarketer who pitches the few loans he has available and he quotes a rate. Then you're transferred off to a processor who then shoots you through underwriting. After that you speak with a closer and then at the end a funder. With this many people working your file promises get lost. You end up with a major "he said, she said" situation.
It is a fast-food, chop-shop, assembly line atmosphere.
ACCESS TO ONLY THEIR BANKS RATES.
MAJOR OVERHEAD AND EXPENSES.
MAJOR EMPLOYEE EXPENSES.
MAJOR PAYROLL EXPENSES.
HIGHER RATES TO COVER OVERHEAD.
ESEMBLEY LINE LOAN PRODUCTION.
HIGHER INTEREST RATES OVERALL.
AVAERAGE TURN TIMES.
LIMITED LOAN PRODUCTS.
USAUALLY LOCATED OUT OF STATE.
NOT FAMILIAR WITH YOUR MARKET.
A retail lender or bank usually works out of a few centralized locations throughout the united states.
You start with a telemarketer who pitches the few loans he has available and he quotes a rate. Then you're transferred off to a processor who then shoots you through underwriting. After that you speak with a closer and then at the end a funder. With this many people working your file promises get lost. You end up with a major "he said, she said" situation.
It is a fast-food, chop-shop, assembly line atmosphere.
