Advantages of a Mortgage Broker Over a Bank

I feel that I have three distinct advantages acting as your mortgage broker
1.) Speed
2.) Pricing
3.) Service

Bank Problem: Speed: Right now we have a glut of refinances going through the system. Prior to this surge in refinances many banks were extremely slow so consequently many branches were closed or they had their staff greatly reduced. Wells Fargo for example closed 14 of their 18 service centers around the country.The result of this is extremely slow turn times.

Broker Benefit: Speed: I have five to ten banks that I keep my eye on. I closely monitor time frames for new submissions, conditions and closing. I much prefer sending your file to a bank that will give me answers in 2 days rather than three weeks.

Bank Pricing (Problem) When I am selecting where to place your loan, naturally I want to send it to the source with the best rates. Just as banks become overloaded with files, they also will reach a point where they need to slow down the flow of loans coming in their door. How do they do this? (answer) They raise their rates.

More Finance Articles