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#403201 - 03/12/12 05:35 AM Mortgage Brokers or Banks?
sunnysmith Offline
Junior Member

Registered: 03/12/12
Posts: 1
Loc: baverly hills, california
Hi Everyone,

I recently moved here in San Francisco, and I am looking forward to get a home. Currently I am resided in the university hostel. Could you please help out as to what should choose to get a financing, a broker or a bank directly. People here told me that it is better to let a broker do all the formalities, a friend of mine livin here got her refinancing from some MFG Mortgage, she also adviced me to go for a broker. I just wanted to get a second opinion. Here are some of the lenders that i googled some days back, can anyone let me know which one is better and repoted.
[img]http://ipodnanogenerations.com/ipod/index.jpg[/img]


Edited by sunnysmith (03/12/12 05:36 AM)

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#403448 - 03/16/12 06:08 AM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
SmartMoney Offline
Member

Registered: 08/13/05
Posts: 102
Loc: No. VA
There's more than just the two choices.

Broker: Someone that originates your loan, but another party underwrites (approves) and closes your loan. Pros - better pricing (rates), Cons - problems are found late in the process.

Correspondent Lender: Can be mortgage company or bank. Someone that originates, underwrites and closes loan in their name and sells the loan (or interest in the loan) after you close. Pros - the decision makers are usually on premise or close by. Cons - usually not the best rate.

Portfolio Lender: Typically a bank that originates, underwrites, funds (with their own money) the loan...the loan is not sold into the secondary market. Pros - higher tolerance for the unusual. Cons - not the best price.

I recommend you ask the Realtor you work with for their advice. Why? Different market conditions have different tolerances. For example, in my market (Wash DC), agents tend to gravitate towards local lenders that dont't send their loans out for an outside approval. The reputation of the buyer's lender has never mattered more. But that could just be my market, which is seeing multiple offers and escalation clauses. Lean on your Realtor for what sellers are accepting.

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#404534 - 04/05/12 08:22 PM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
Happy Birthday Lending Bee Offline
Member

Registered: 06/22/08
Posts: 16
Loc: Los Angeles, CA
I say go to a trusted broker. Ask your friends or a Realtor for a recommendation and if you get the right mortgage broker, you won't be disapointed.

Mortgage brokers can shop different banks for the rates and you will get a better rate. I try to stay on top of the rates with the local banks and I know for a fact that we, mortgage brokers, have better rates than B of A, Wells Fargo, or Chase on conventional loans. In fact, I am refinancing my property in Minnesota with B of A now. I am not licensed in that state, so I had to go with B of A. My loan officer is pretty cool and knowledgeable, but the process is longer than for my clients that I do. The rates are higher, though, the fees are a bit lower.

Overall, you'll get more personalized service, better rates, and most importantly better chance of closing within the given timelines. Retail banks used to be much better when they were competing against brokers more.

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#404535 - 04/05/12 08:30 PM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
Happy Birthday Lending Bee Offline
Member

Registered: 06/22/08
Posts: 16
Loc: Los Angeles, CA
If you are buying in SF, I assume it's expensive, I say you go to a Broker and ask them to submit your loan to Provident Bank, if the broker is approved and familiar with that bank. Provident Bank is known for best rates and tough underwriting process, but if you learn how to work with them, they are your friend.

Recently, Provident announced that they won't finance condo projects, except for high-rises in Chicago and San Francisco - go figure. They like high-rises in San Fransisco, so I say give them what they are asking for. You won't find lower rates than what Provident offers. But don't go direct, go through a broker that knows or your chances of closing the deal decrease.

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#422508 - 04/10/13 07:43 AM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
eLoanRates Offline
Member

Registered: 03/26/13
Posts: 34
Loc: California
I confer that brokers are the way to go. Going with one bank limits your choices significantly. BROKER = CHOICE

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#430095 - 11/07/13 11:05 PM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
4cmortgages Offline
Junior Member

Registered: 11/07/13
Posts: 5
Loc: Dubai
I must Say that you should choose trusted Brokers. Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.
Visit Here to contact Mortgage Broker http://www.4cmortgages.com


Edited by 4cmortgages (11/07/13 11:08 PM)

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#434856 - 04/01/14 11:31 AM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
Midland Mortgage Offline
Junior Member

Registered: 01/31/14
Posts: 4
Loc: Midland, Texas, USA
I would have to agree with 4cmortgages. You would be better off to talk to a couple mortgage lenders to see who you like working with. I would say three would be good enough to get a variety. Of course, you would want to build relationships with them and check for rates prior to having your credit ran three different times. Good luck!

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#434858 - 04/01/14 11:48 AM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7661
Loc: Vermont's North-East Kingdom
The urgency of this matter is somewhat diminished when you realize that Sunny moved to San Francisco in March of 2012 . . . . so the problem has probably been solved in the interim (hopefully).

It appears that he never even revisited to get the answer to his 2012 question.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#435157 - 04/10/14 09:41 AM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
DonFolz Offline
Member

Registered: 04/10/14
Posts: 10
Loc: Charlotte
I also agree with 4cmortgages.

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#438811 - 09/04/14 05:06 AM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
Nashville Homes Offline
Member

Registered: 07/25/13
Posts: 113
Loc: Nashville, TN
Is there anyone else who has a preference for brokers over banks? Is one generally more reliable over the other?

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#438830 - 09/05/14 01:35 AM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2225
Loc: Outer Banks
Mortgage brokers get paid WHEN they make a loan. Bankers get paid for showing up for work. Motivation can be very important when deadlines get close.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#439691 - 10/03/14 11:30 AM Re: Mortgage Brokers or Banks? [Re: sunnysmith]
realdeal33 Offline
Junior Member

Registered: 10/03/14
Posts: 6
Loc: CA
Mortgage brokers have the sole incentive to perform for you and get you the right mortgage because they don't get paid until they do. Brokers usually focus on getting things done and those that are successful/reliable have a solid network of lenders known for doing the same thing. www.hmlinvestments.com

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#441734 - 12/19/14 03:11 PM Re: Mortgage Brokers or Banks? [Re: realdeal33]
SmartMoney Offline
Member

Registered: 08/13/05
Posts: 102
Loc: No. VA
Originally Posted By: realdeal33
Mortgage brokers have the sole incentive to perform for you and get you the right mortgage because they don't get paid until they do. Brokers usually focus on getting things done and those that are successful/reliable have a solid network of lenders known for doing the same thing. www.hmlinvestments.com

Why would you think mortgage bankers get paid if their loan doesn't close? That kind of thinking is just wrong. Mortgage bankers are for the most part 100%"commission (a couple places offer small salaries, but 24k or less).....you better believe there is motivation! And, unlike brokers, bankers usually process, underwrite and close from their office. The broker can be cut off by investors at the drop of a dime and with no warning.

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