Mortgage Brokers vs Big Bank

Picture this: It’s Sunday afternoon, you have just gone under contract on your dream home. The price is a tad higher than you expected; however, you needed to go there to beat out the competing offers. You did the right approach and got pre-qualified earlier in the week with your “Big Bank.” But now you need a pre-approval letter at a higher amount.

You also have tons of questions swarming through your head: can I afford this much, should I put more down, should I put less down and save for updates, did interest rates go up on Friday, how much is insurance going to be, what type of loan program should I choose? I am sure there are many more questions to ask your loan officer, but it's Sunday! Your loan officer is not in the office. How are you going to get all these inequities resolved before plopping down a big earnest money check?
This is a perfect example of why using a mortgage broker for your home purchase and refinance needs an excellent choice.

Mortgage brokers are entrepreneurs. They can work for a large mortgage banker or can be a one-man boutique operations. Either way, their business is built strictly on meeting and exceeding the needs of their clients. The business is personal for them; therefore, it is not an issue to be able to speak to them at 12:30 on a Sunday afternoon after going under contract on your dream home. Nor is it a problem to contact them at ten o’clock in the evening after your spouse mentions maybe doing a shorter term for your refinance. They are at your disposal just as your favorite Realtor@ is always available.

Not only are mortgage brokers and bankers readily available, but they can be statistically more knowledgeable than a Big Bank loan officer. They typically only do mortgage loans and work by referral only. They are not order takers in a large call center or have other jobs to perform while also doing, oh yeah, mortgages! Mortgage brokers can treat you and your situation with the hands on, personal experience everyone desires when making what is usually the largest purchase in their financial lives.

You have worked hard for your money. Sacrificed and saved. Maintained your credit. Don’t you deserve to have personal, one on one counseling on rates, down payments, market fluctuations, and all the other nuances that come with obtaining or refinancing a mortgage? I believe you do.

Mortgage brokers bend over backwards to earn your business as well as your Realtor@’s. Therefore, if you want top notch service on your schedule, personalized loan programs to fit your needs and a loan officer than cares about your family, then a mortgage broker or banker is the way to go!

Happy financing!