The Advantages of a Mortgage Broker Over a Bank

I feel that I have three distinct advantages acting as your mortgage broker
1.) Speed
2.) Pricing
3.) Service

Bank Problem: Speed: Right now we have a glut of refinances going through the system. Prior to this surge in refinances many banks were extremely slow so consequently many branches were closed or they had their staff greatly reduced. Wells Fargo for example closed 14 of their 18 service centers around the country.The result of this is extremely slow turn times.

Broker Benefit: Speed: I have five to ten banks that I keep my eye on. I closely monitor time frames for new submissions, conditions and closing. I much prefer sending your file to a bank that will give me answers in 2 days rather than three weeks.

Bank Pricing (Problem) When I am selecting where to place your loan, naturally I want to send it to the source with the best rates. Just as banks become overloaded with files, they also will reach a point where they need to slow down the flow of loans coming in their door. How do they do this? (answer) They raise their rates.

You Tube Video - The Advantages of Using a Mortgage Broker ( Go to my web site for video)

Broker Pricing Benefit: I am able to monitor these changes and take advantage of the best pricing in the country. This quite often can make the difference in getting 1/8% to 1/4% better on your rate which translates into thousands of dollars in savings over the life of your loan. The classic analogy is: if you have a bank in Ann Arbor Michigan with six feet of snow on their front doorstep, they aren't going to get too much business. So what do they do, they broadcast their lower rates to the rest of the country to guys like me and I grab a better rate for you. meanwhile, the bank with the 21 day turnaround time raised their prices because they are getting tired of paying overtime to their staff in order to catch up.

Bank Service: (Problem) If you walk into the branch to get your mortgage you will encounter two problems immediately. One is that the person you are talking to just awoke from his or her nap and two they are not mortgage specialists. They most likely have to be well versed in checking and savings accounts, CD's, IRA's or a bunch of other bank products. Most likely they will take your initial information and pass it on to another person in the mortgage area. The next person to call you will be the opener, the third person to call you will be the processor, the fourth person to call you will be the underwriter, the fifth person to call you will be the appraiser, the sixth person to call you will be the processor again (cleaning up any mistakes), the seventh person to call you will be the closer, the eigth person to call you will be someone from the title comapny who will actually perform the closing. Usually there is no follow up after closing to make sure you are happy. Assuming all of the "hand offs" were done properly and without miscommunication you will get your loan closed in 6 weeks to two months. God forbid there is a problem and you need to figure out who to call.

Broker Service (Benefit) I have been doing mortgages for 15 years so I am very familiar with potential problems or pitfalls. Previous to be a loan officer, I processed loan files for eight years. Having this type of experience I have the ability to look deep into your file. I am the sole contact on your file. I am step 1-7 and whenever possible I attend all closings. If I cannot be at your closing, I certainly can be on speaker phone to answer any questions you may have. I like to stay in touch with my customers after closing as well. Hopefully by that time we have made you happy and I am in a position to help someone else in your life.

As always, my goal is to provide "absolute red carpet service" and make this experience a smooth and easy process, so that you walk away happy and are more than happy to refer my services to friends, family and co workers as you all go through life.