Home Buying in Gladstone>Question Details

Nicole, Home Buyer in Gladstone, MI

Bank or Mortgage Firm?

Asked by Nicole, Gladstone, MI Sat Feb 6, 2010

I am in the Gladstone Michigan area and I am wondering if it is better to go to a bank or a mortgage firm to try and get a mortgage loan?

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Answers

5
All good advice so far Nicole. You should probably speak to both to get a comfort level of who you are working with, and the answer which is better probably depends on your unique circumstances. If you require a specialized type of loan, a broker may have access to several different lending sources to find the program that suits you. If you're looking for a more normal loan, such as a conventional or FHA, then it may be better to work with a bank (direct lender). Also, if you are looking at foreclosed homes or short sales then an approval from a well known bank may carry more weight with the seller. Of course rate and fees are important, but I guess what I'm saying is that the reputation of the lender, bank or broker, is just as important to the transaction. Hope this helps!
Tony
0 votes Thank Flag Link Sun Feb 7, 2010
Nicole,

There is no correct answer to your question other than the need for you to explore your options thoroughly for both considerations. As you have heard it's impossible to predict with any degree of accuracy which avenue will yield the best results.

Our recommendation is to begin your journey by becoming as informed as possible about the borrowing process and available programs prior to making a decision.

Best wishes,
The Eckler Team
0 votes Thank Flag Link Sun Feb 7, 2010
If I were you, I would talk to three different mortgage folks...make sure one is a direct lender and one is a mortgage broker. Not all Realtors will want an approval from a direct lender. If the mortgage broker is established and the Realtor is experienced, you will not have a problem.

Select someone that you are comfortable with - and make sure you get a great rate...which the multiple discussions will get you...they will all compete with each other!
0 votes Thank Flag Link Sun Feb 7, 2010
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
HI Nicole,
I would prefer a Direct Lender and that is what LISTING agents look for when they receive your offer.
Try the big name banks and lenders who have money behind what they write.
This is called in the trade a "Direct Lender"
Wells, B of A, Chase, Quicken, all have online applications if you prefer.
It makes a big difference when you buy a home to have your offer accepted.

Harold Sharpe
So Cal Homes Realty
(951) 821-8211

http://www.socalhomesrealestate.com
0 votes Thank Flag Link Sat Feb 6, 2010
Nicole,
In our market a mortgage broker has more options for buyers. I had a deal a few months ago where my client went to a local bank and then to a mortgage broker. My client got a lower interest rate with better terms with the mortgage broker who sold the loan to the bank that they applied to directly. I hope this helps.
0 votes Thank Flag Link Sat Feb 6, 2010
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