What's the Difference Between a Mortgage Broker and a Bank?
November 2, 2014
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