Bankers Brokers and Independent Lenders ~ Oh My! When you’re ready to buy a new house, talk to an Independent Mortgage Lender! Being a first-time homeowner is not only an important milestone in your life, but it also gives you a new sense of freedom, pride and joy. While it’s an exciting accomplishment, the process for getting there can also be stressful and fraught with anxiety.
Like many first-time homebuyers, you may find yourself delving into the unfamiliar world of brokers, bankers, mortgages and lenders. No matter how prepared you think you are, once you start shuffling through the ton of required paperwork that comes with purchasing a new home or condo, you can soon lose track of the forest for the trees.
Don’t let that happen to you. An independent mortgage lender acts as your guide through the woods, pointing out the traps, pulling branches out of the way and holding your hand when necessary. They help you from straying off the yellow brick road.
Bankers Brokers and Independent Lenders ~ Oh My!
There are many different ways to finance a new home. The differences between them can be often confusing. Maybe this quick rundown will help:
- Bankers: You can go to a financial institution like your bank or credit union. You know bankers offer mortgages. Banks, even local banks, do many things, and mortgages are just one of them. But they underwrite many mortgages.
- Brokers: You can try a mortgage broker. You may have heard that a broker will find you the best deal. It sounds like a good deal, and it can be, except for two details:
- Brokers often have relationships with several banks, so you may not always get the very best deal.
- You have to pay the broker on top of the lender.
- Lenders: Alternatively, you can use an independent mortgage lender. An independent lender has his own funding sources, so while they must obey all the same regulatory rules as big banks, they can offer a wider variety of loan packages than a bank or credit union can.
See an Independent Mortgage Lender First
There are many reasons to visit an independent mortgage lender first to get the loan that best fits your circumstance. Here are 10 of them:
- Personalized service: Your independent mortgage lender provides you with personal service that’s one-on-one. You won’t feel like just another account to a banker, standing in a queue with hundreds of other borrowers. At an independent mortgage lender, you’re a partner in the process, not a quota to get shuffled along to get to the next number. Personalized service means you get the time you need to make a decision. You can ask as many questions as you feel you need to understand the process. Since your independent lender is a member of your community, it’s as much as your relationship as the business.
- Specialization: Independent mortgage lenders do only one thing — they specialize in providing mortgage loans. Bankers offer dozens of services — from checking and savings accounts to home, auto and business loans. Brokers also specialize in mortgages. When you see an independent mortgage lender, you’ll know that you’re receiving counsel and advice from someone who has a thorough depth of knowledge of both the mortgage industry and the housing market.
- Network base: An independent mortgage lender can be like a one-stop shop for your home loan. Your neighborhood independent lender has a wide-reaching network of all the professionals you’ll need to make your dream of homeownership a reality. Mortgage lenders can refer you to realtors, credit repair specialists, appraisers and home inspectors. And those referrals are based on his personal experience with the other providers. Most important of all, an independent lender can and will refer you to a different lender if he feels you’ll be better served elsewhere. That kind of service comes from knowledge and networking.
- More opportunities: Independent mortgage lenders serve a range of homebuyers. Everyone doesn’t have stellar credit. Many have experienced hardship — like medical issues or losing a job — that makes it almost impossible to receive a loan from a banker or even a broker. Because mortgage lenders work with credible credit repair companies, they can manage the process that ends in a successful loan application. Even a foreclosure or bankruptcy doesn’t necessarily stop you from the dream of homeownership. Independent mortgage lenders can guide you as you repair your credit to qualify for a loan.
- Flexibility: Mortgage lenders have more flexible schedules than bankers or brokers. Scheduling an appointment with an independent mortgage lender is easier because they are more readily available to meet you on your terms. If you work nine to five or have trouble making a meeting during bankers’ hours, you can still see an independent mortgage lender. He works with your schedule and meets you when it’s convenient to you. Mortgage lenders also offer a wide selection of loan products, so it’s more likely you’ll find one that suits your specific needs.
- Fewer delays: Get into your new home sooner with an independent mortgage lender. When you go to a banker or broker for your home loan, you may experience delays because they have to contact their underwriters or their connections. When you work with an independent mortgage lender, you experience fewer delays and faster closing times because everyone from the agent to the underwriter is in the same company. That’s why Zachery Adam of GoPrime Mortgage, Inc. . (dba PrimeRate Mortgage Lending) can claim, “We close on time, every time.”
- Better rates and fees: When you prepare to purchase a new home, you’ll always find additional costs that you didn’t anticipate. The added expenses for services can quickly pile up. When you work with an independent mortgage lender, however, you pay less in rates and fees than you would when dealing with bankers and brokers.
- Less stress: Buying a new home is a time of exhilaration, but it also causes anxiety and stress. You’ll have days of joy and happiness and days that seem like gloom and doom. An independent mortgage leader is there to help you all along this journey. He can answer your questions and prepare you so you know what to expect. He’s on your side, doing his best to ease as much of your stress and anxiety as possible. Mortgage lenders provide hands-on service to be there for you in a way that bankers and even brokers frankly can’t. Independent mortgage lenders help ensure that you close on time and on budget whenever possible.
- Legal expertise: If you are concerned about escrow laws, property taxes or other legal issues, your independent mortgage lender is well versed in the escrow laws and local legal issues in your particular state. And if you ask a question he can’t answer, he’ll either find out from a trusted source or point you to that source directly.
- Refinancing options: If you have an existing home loan through a bank or financial institution and are unhappy with the terms or unsatisfied with the service of that lender, an independent mortgage lender can assist you in refinancing your home to get a better deal for you and your family. A refinance loan can be just as complicated as a first mortgage. Get the best deal, the best rates, and best match for your circumstances by going to an independent mortgage lender first.
