Why Choose a Mortgage Broker?
When you apply for a mortgage with your bank, credit union, or a mortgage bank, you are almost always at a disadvantage.
There are several reasons:
1. Mortgage banks, banks, and most credit unions only offer their own mortgage products, rates, and closing costs. A mortgage broker offers the products, rates, and closing costs of several different wholesale mortgage lenders. This gives a mortgage broker the advantage of being able to shop your mortgage scenario around with different lenders to offer you the best interest rate, closing costs, and mortgage products to fit your specific home buying or refinancing scenario.
2. A mortgage broker and their loan officers are required by federal law to take 8 hours of continuing education each year in order to maintain their mortgage loan officer licenses.
Loan officers who work for mortgage banks, banks, and credit unions are not required to take continuing education.
This means that most loan officers who work for a mortgage broker are better educated and informed about guidelines and federal regulations than loan officers who work for mortgage lenders, banks, and credit unions.
Would you see a doctor who received a practitioner’s license directly from the hospital just because he went to work for a hospital instead of taking the necessary courses and passing the certifications put in place by the AMA? I sure wouldn’t!
3. Because a mortgage broker works with many different lenders, a broker can avoid a lender who may be backlogged with loans. Because banks, mortgage banks, and most credit unions only offer their own products, they can only offer their own service levels. If they are backlogged with loans, then they have no choice but to offer you the same backlogged service everyone else gets.
Gagliano Mortgage, Inc closes many loans in 15 days or less, and we close most loans in less than 30 days. If speed is important to you, then choose a mortgage broker.
These are just some of the reasons why a mortgage broker is better. Check out the videos above to learn more. Or apply for a mortgage with a mortgage broker now.