Your mortgage banker is automatically poised to provide the best loan services.
When shopping for a home loan, there are two common financing options – mortgage bankers and mortgage brokers. Mortgage banks are direct lenders, supplying the money for a mortgage loan through their own capital. Mortgage brokers represent multiple lending organizations. They are more like a middleman, and can be a better option if you are still shopping for the kind of mortgage you want. For anyone ready to close in on a home loan, here are some of the top reasons to consider working with a mortgage banker:
- Direct Access. Mortgage bankers are financial professionals that specialize in making mortgage loans directly to borrowers. Bankers are well acquainted with the terms and policies of the lending banks they represent, making them qualified and connected. If you have chosen the lender you want to apply with, having a mortgage banker to work with is going to make the process much smoother.
- Convenience.Working with a mortgage banker lets you deal directly with the source, saving time and hassle by eliminating a third party broker. Working with your mortgage banker means you are dealing with a familiar face, someone credible and trustworthy with a stake in community presence and reputation. They are a responsible financing option.
- Money Savings. Working with a mortgage banker allows you to build a relationship with the lending organization itself – if you haven’t already. Often, borrowers may have a prior account or history with the lending bank. This may qualify them for discounts or put them in a position where the bank offers better terms based on credit history or customer loyalty.
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