1. We work with more than just one lender. With lender "overlays" making it harder to get loans approved, having more than one underwriter to work with often makes a deal work.
2. We get you closed faster than the big banks do now.
3. Licensed mortgage loan officers must pass a very rigorous test, and the bank LO's don't need to. Where do you think the LO's go who can't pass the test? To the big banks, of course.
4. Our interest rates and fees are often lower than those of the banks.
Licensed loan officer with 29 years of experience in Texas
Last year a Wells Fargo employee asked me for a GFE to refinance his property. Not only was I able to beat his "employee discount" pricing with Wells Fargo I also used Wells Fargo wholesale to do his loan. From there I ended up refinancing the homes of 3 other colleagues in his office. My wholesale rates are always less than retail lenders rates. Here is another example. I am refinancing a Jumbo cash out refinance with a loan amount of $700,000. The client is currently with US Bank. He called them before calling me. US Bank's rate was over .375 higher than what I am able to do for him... also using US Bank.
When speaking with a lender, mortgage broker or mortgage banker you want to compare the lender fees and the interest rate. All other fees will be the same in the end. Because I own my own company I do not have to pay splits or fees to my broker. This allows me to price my loans below just about any lender or other mortgage broker out there. Because of this I am able to offer my clients the very best rate with the lowest fees available of just about anybody in the market.
On the flip side brokers can also charge higher fees than banks too... it all depends on who you are working with. Unlike Banks and Mortgage Bankers... Mortgage Brokers cannot hide fees from their clients like they can. When you deal with a licensed Mortgage Broker you know exactly what they are making on a loan... by law we have to show you every penny we make... Mortgage Bankers and retail lenders do not have to do this. In the end it does not really matter as your only objective is finding somebody you trust who is getting you a good deal in comparison to other lenders you have spoken with.
Good luck and if you would like me to send you a GFE on your refinance please call or email me. I have been in the mortgage and real estate business for over 11 years.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
A mortgage broker is a middleman. Your Mortgage Banker is the source.
Contact Me For All Of Your DFW Real Estate Needs
Erica Texada, Realtor, CDPE
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Don made a very telling argument about this. I have done the same with USAA employees, Wells and BofA employees and that is beat their own employer at getting a better rate and fees combination that worked out to the borrower's best interest.
Directions Equity Home Loan
I work a lot with first time home buyers. Although, banks usually have a lower closing cost, that is such a small part of the long-term obligation. I have always had much better luck with mortgage companies and what they could offer my clients.
Most find a smoother process with a mortgage banker.
EITHER is better than going direct to the bank.
I disagree with the 99 out of 100 comment.
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