Is Your Mortgage Lender Working for You Or The Bank?
The first type of mortgage lender is a Regular Bank, Savings & Loan, and Credit Union. They have their own lines of credit and are more than likely just order takers not really understanding your needs as the borrower. Typically they have a small number of loan products to offer and if your loan does not fit into their small box your loan will be turned down. The interest rates tend to be higher than the market price. Bank employees are not generally licensed and have not gone through the rigorous training Mortgage Brokers have. Their fiduciary responsibility is to the bank and not to you the borrower.
The second type of mortgage lenders is the Bankers. The Bankers have their own lines of credit and conduct business pretty much the same as a Regular Bank, Savings & Loan, and Credit Union. Bankers offer a limited amount of loan programs and represent the Banker not you the borrower. Also, because of the added fees and costs the loan and the rates tend to be higher cost than a Mortgage Broker. Generally if a loan is denied with a Bank or a Banker the whole loan process must start over with a new lender.
The third type of lender is the Mortgage Broker, such as me. My fiduciary responsibility is to you the borrower. I offer a wide range of loan programs with the most competitive interest rates. I package the personally to highlight your strengths as a borrower. A “problem loan” can easily be moved from one wholesale lender to another.
I am licensed with the California Bureau of Real Estate (BRE) and the Nationwide Mortgage Licensing System (NMLS) both requiring continuous education in Real Estate Lending. I also have over 20 years’ experience as a Mortgage Broker and have an excellent reputation in the industry.
Please call me with any questions you may have about Real Estate Lending 916-722-0395. I look forward to talking and working with you.