What's the Difference Between a Mortgage Broker and a Bank?

What’s the difference between a Mortgage Broker and a Bank…

… other than the stuffy atmosphere and oversized building?

A bank typically can offer only one set of mortgage products while a mortgage broker can shop from a variety of different guideline’s and loan options.

This results in more loan options to choose from with your local mortgage brokers and normally more competitive rates and fees.

In addition, unlike a bank that offers many different kinds of financial products your local mortgage brokers only focuses on one product… your mortgage. Therefore we can usually provide you a higher level of service and attention.

1st Securities Financial Handles the Details!

There are literally thousands of variables that can affect the outcome of your mortgage transaction. That’s why you need a mortgage professional to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.

We will also:

• Discuss and explain financing program options

• Inform you, in writing, of lock-in options

• Explain all documents of the loan application

• Explain all associated costs of the loan application

• Explain the loan process, from application to closing

• Provide you with a good faith estimate of cost and fees

• Communicate with you throughout the loan process in a timely manner

• Coordinate the final closing of your transaction