Bank or Mortgage Lender? Without having a score as high as 700, what should I do?

Asked by Tammie Miller, Chicago, IL Tue Jun 23, 2009

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Kurt Clements, Agent, Schaumburg, IL
Tue Jun 23, 2009

I'm biased. I'm a mortgage banker - mortgages are all we do. I say talk with a mortgage banker. As long as your score is over a 620, you should have no problems. We would love your business.

Kurt Clements
Senior Vice President
GSF Mortgage
3933 75th St
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091
2 votes
Marc Jacobs, , Chicago, IL
Thu Jun 25, 2009
Of Course I may be biased, but I think a broker is your best choice. A bank has very rigid guidelines, and unless you fit into the whole perfectly, you will eihter not get approved or have a higher rate. While I am a broker, my company banks some of its loans. We use Chase Wholesale to do this, I can typically offer better rates than a Chase Branch could.

Nonetheless, you should do your homework. Contact a broker and banker and compare their products and prices. Make sure to ask for a copy of the Good Faith Extimate for reference.
1 vote
Chuck Stupar…, , Oak Brook, IL
Tue Jun 23, 2009
Sometimes I find bank mortgage companies have too rigid standards for mortgages, whereas mortgage brokers can find many available mortgage companies that are not as rigid.Just be careful if anyone offers you a mortgage that sounds too good be true because it probably is.
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1 vote
Nike (Nikki)…, , Beverly, Chicago, IL
Thu Jun 25, 2009

I am a Mortgage Broker and proud of it. i have every certification that would qualify me to be a Banker, but I chose this option to enable me offer a variety of products to my clients. You don't need a 700 score. You can get an FHA loan with a 620 score (I even have some Lenders who will go lower). You can also get a rehab loan, VA loan, Fannie Mae loan or even a commercial loan through my company.
Please look me up at
I would love to walk your path with you, and impart as much education as I can, in the process.
I look forward to hearing from you.

Nike Fasanya, CMC
Marvel Ventures Mortgage Inc
(773) 779-1190
0 votes
Louis Jeffri…, , Matteson, IL
Thu Jun 25, 2009
A Good Broker has more options than any bank. Many times a good mortgage broker or banker can give you a better deal unless you are a first time home buyer and a low to moderate income borrower. There are programs that offer down payment assistance and closing costs that are only offered by banks.

Ultimately, no situation is the same and in all situations you want to shop.
Get your own credit report ( and give them your income and debt. Then compare offers and professionalism to determine who you will work with.
0 votes
David Cruick…, , Palatine, IL
Tue Jun 23, 2009

I'm a broker and with the number of lenders I have in my portfolio I will get you what you need. I would love to earn your business and walk you through what options you have available to you.

I am available from 8am to 9pm during the week and weekends.

David P. Cruickshank
Ardain Mortgage Corp
0 votes
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