Home Buying in Bayonne>Question Details

Jonathan Mar…, Home Buyer in Bayonne, NJ

Whats the best way to find a loan? Through multiple banks or through a mortgage broker?

Asked by Jonathan Martin, Bayonne, NJ Thu Mar 8, 2012

30 year fixed

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9
I dont think there is a correct answer to this question. Both have their pluses and minuses but in my Opinion Mortgage brokers are easier to deal with. They meet with you personally and are easier to get a hold of when you, your agent, or your lawyer has a question during the deal. I find that with bigger banks its more of a mystery who you are dealing with and their rates are not even beter, Worse more often than not.
You still have to do your homework and shop around a bit because some brokers can do beter deals than others for you!
If you would like more details or contact info from some great mortgage brokers feel free to contact me.
Have a great day
Aaron
0 votes Thank Flag Link Fri Mar 23, 2012
Mr. Martin,

The one advantage that you will have with a mortgage broker is that they deal with multiple banks which will likely have various loan products that can suit your needs. If you deal with a specific bank, your choices of loan products could be limited.

Good luck to you!
0 votes Thank Flag Link Fri Mar 9, 2012
Mr. Martin,

The one advantage that you will have with a mortgage broker is that they deal with multiple banks which will likely have various loan products that can suit your needs. If you deal with a specific bank, your choices of loan products could be limited.

Good luck to you!
0 votes Thank Flag Link Fri Mar 9, 2012
Try using http://www.sjrates.com to find the lowest interest rate on mortgages in new jersey, that would be the first step that i recommend.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Fri Mar 9, 2012
Jonathan the marketplace for mortgage loans is very vanilla, everyone has the same products and are using automated underwriting systems from Fannie Mae or Freddie Mac. Ifd you go to a depository bank they will look to see if you fit their profile. A broker will look to place your loan at a wholesaler and you'll pay for the underwriting.
One option you didn't mention was a mortgage banker who has the in house ability to underwrite the loan and has the rates and programs of many banks. If you want a no obligation analysis of your situation at no cost you can give me a call and I waould be glad to help you.
0 votes Thank Flag Link Fri Mar 9, 2012
Jonathan,

WIth the variety of mortgage "product" out there I still think you should speak to, or get info from, at least 2 places that offer mortgages to see what best fits you financially.

I have had clients get a terrific deal using Quicken loans (online applications, but the local agent was constantly in touch with the client and me via email as the the standing of the loan) . Wells Fargo is a direct lender and they also have local agents. I would ask a local realtor to recommend someone they know and have used and trust.
Sometimes the bank you have your accounts in will work with you better then another large bank.
0 votes Thank Flag Link Fri Mar 9, 2012
A lot depends on your needs.
Dealing with a BIG BANK can be frustration.
Their Mortgage Divisions are rarely local.
With a Broker, there is a local rep who is acting on your behalf
Just watch the rate and fees.
0 votes Thank Flag Link Thu Mar 8, 2012
There are numerous ways to find a mortgage. I personally have been a broker from 1997 to 2000, a retail banker from 2000 to 2007, and a correspondent banker from 2007 to present. I feel your best option is a correspondent banker.

A broker has to outsource both the underwriting and funding of your loan, but they can shop the market for you to find the best rates and fees.
A retail banker underwrites and funds itself, but they only offer one source of rates and fees and can not shop for you.
A correspondent banker has delegated authority to underwrite and fund your loan itself, and then sells off the servicing rights to a lender. Therefore, we can shop for the best rate and fees, but approve and fund your loan ourselves.

At the end of the day you have to trust the mortgage professional you are working with. A great site to find out if you are dealing with a licensed rep is http://www.nmlsconsumeraccess.org . All you need is the reps nmls#. Mine is below. Best of luck! Feel free to contact me at any time.

Joseph S. Cordova NMLS# 146855
http://www.joecordova.com
Lincoln Mortgage Company
direct fax: (206) 333-0946
cell: (856) 304-2381
0 votes Thank Flag Link Thu Mar 8, 2012
Brokers may have higher fees. But will be able to shop your info to multiple lenders in order to get you the best rate/deal. I have a couple lenders I know and trust very much in NJ. They have great track records and have proved themselves to me anyway. I would be happy to recommend.
0 votes Thank Flag Link Thu Mar 8, 2012
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