An effective alternative is the mortgage banker. Like a broker, many mortgage bankers have access to various funding sources, providing: 1. ) Access to a wider variety of programs, and 2. ) the ability to shop for pricing.
Like banks, a mortgage banker can underwrite, draw loan docs and fund in-house. ( A broker is subject to the respective departments of his capital sources for most or all of these functions, and the delays this may entail. ) These abilities add speed and efficiency to the transaction, a critical factor in the current fast-paced real estate market. Mortgage banker fees characteristically have more similarity to bank fees than broker fees.
For unusual, out-of-the-box transactions, the nod must go to brokers.
For "normal" real estate investment financing, a mortgage banker merits your consideration.
One of my favoriate lenders is Christopher Fenoglio at First Horizon (a direct lender/bank). He is the branch manager and has always done a wonderful job for me. He will will explain the process to you and about the different programs that you will qualify for such as FHA, and programs such as AmeriaDream. By chance are either of you a vet?
If you need help finding a home in Reseda, let me know. I can help you and can even show you some Bank Owned properties.
Call or email Chris.
Toll Free: 888-515-5387
Your lender of choice does not need to be local so if you need any advice on financing then feel free to contact me and good luck to you.
As first time homebuyers you really want to look for a lender who has access to all the programs that will benefit you. I work with both mortgage brokers and direct lenders and find that each of them has their plusses and minuses. I specialize in working with 1st Time Homebuyers and work with two direct lenders and two brokers, each of which is specially equipped to help in different situations. I have found that the brokers can sometimes save you money overall, since they have access to products that some of the direct lenders do not. On the other hand, some direct lenders are willing to waive some of their fees to get your business.
I would love to talk off-line and get a few specifics from you about your situation. We could then develop a list of questions for you to ask lenders, or I could provide you with a referral to one or more of my lenders who would fit your needs. Either give me a call or contact me through my profile and I would be happy to help out.
Always remember, the goal is to get the best home for you, at the best price and negotiate the best deal (this includes both negotiating with the seller and negotiating with the lender). And never forget, Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty