The thing that I love most about writing these blogs is that I can take the time to INFORM people on a wide variety of subjects. There are SO MANY misconceptions that exist about so many things.
One misconception that I face regularly is that mortgage lenders and mortgage brokers are the same thing, that those terms can be used synonymously. Not true! There are many differences between the two as I hope to illustrate in today’s blog. I will also show that not all lenders are created equal!
Mortgage brokers, on the other hand, are professionals who match each client with a lending company. They work with a variety of lenders, including banks and credit unions as well as independent investors. Brokers have access to numerous loan programs and will match your specific desires and financial situation to a lender that fits your needs.
Could a broker save you money? It’s definitely possible, but you MUST thoroughly understand the ins and outs of your mortgage regardless of how you obtain financing. And if anyone, broker or lender, can’t thoroughly explain all of these details to your satisfaction then it’s time to find another mortgage!
Whereas your typical lender may simply tell you that you don’t qualify based on your credit score, I’ll develop a detailed plan of action with you to get your score up to where it needs to be to fit your loan product. More importantly, I’ll do my best to set you up for your long term financial success, all while keeping your file open so that your transition back to actively pursuing your mortgage is as seamless and smooth as possible.
In the end, it’s about going with who you trust: who will look out for your interests and ensure that you have the best possible experience? Fourteen years ago I applied for a mortgage with a traditional credit union and had a HORRIBLE experience. I’ve made it my goal since then to treat every customer with the respect, compassion and dedication that they deserve.