Using a Bank vs a Mortgage Broker for your mortgage...use both!
Most of us think "bank" when we think mortgage. Wait...
Try to remember one thing...
Banks are there to MAKE MONEY from you, not giving away money. They are a cash making machine with a fantastic sales force.
Look at it this way; if you have $400,000 of your cold hard cash, would you walk into you unlicensed banker and say "here...take my money and invest it in the one or two products you got at whatever rate"... I sure hope not! A SMART investor would likely contact an licensed investment broker who can assess your families needs, your risk profile and give you a few options to invest you money and monitor it over the years. You want to maximize your investment right?
Mortgages are NO DIFFERENT. Your house is YOUR investment. Lets get maximizing it!
Experienced, licensed mortgage brokers/planners are your protective defensive against greedy banks who look at you like number. Why smart folks use broker today:
Take a thorough application and get an idea as to your current and future financial needs.
By reviewing all your documents (also known as underwriting) upfront, there are no surprises later when you are buying.
We are FREE and LICENSED. Is your bank licensed. If your mortgage goes all wrong, do you have any recourse to SUE the bank?
We give you choices and options on different products and add-ons (ie Lines of Credit, Credit Cards)
Your pre-approval rate can be monitored and changed as lenders come out with specials and competitive rates. This can save you 10-20 points!
We keep in touch via emails and phone calls weekly to ensure if there are ANY changes to file such as jobs, more debts, etc that we can be proactive far in advance.
We can help set you up with experienced Realtors, Inspectors, Insurance folks, and lawyers. Many time brokers get discounts as well.
Brokers have access to mortgage lenders you have never heard of! There is more out there than your big banks and credit unions. There are many federally regulated MONOLINE mortgage lender such as First National, MCAP, HomeTrust, RMG, Canadiana, Street Capital...just to name a few. PS, their rates and program are substantially better than banks/credit unions too.
We are available to you evenings, weekends, text and phonecalls. No need to take time off work to go to an office where you will be upsold life insurance and products from banks.
We care. We get paid by commissions by the bank you choose to have as your mortgage lender. Commission vary a little from one to another, but our fiduciary duty is to YOU first then the bank. We work hard to ensure your mortgage funds...as this is how we feed our families too.
With your bank...you are getting sub rate service and no options. But, if your still hesitant; then please feel free to go to your bank, get a pre-approval and use me as a back up...that way you can feel covered on both sides!
Kiki Berg, Mortgage Expert