In the 21st century, there are certainly several ways to obtain a mortgage – large corporate banks, local credit unions, on-line virtual banks or by using the services of an “Independent Mortgage Specialist/Broker”.
In looking at these options, your bank will try and sell you on their glossy tower and more specifically, their own mortgage product and their specific pricing/rates (if you fit their mould!). A local Credit Union by and large will do the same thing however it is known through-out the finance world they often cannot be as competitive as national level institutions (by way of volumes). Your next choice is of course on-line, needn’t I say more, this means talking with a 1-800 rep that might not understand where you live, you and your circumstances - you know what I’m getting at!
You’re final (and might I say best....no bias here) option is as an independent entity that solely represents you in the transaction. As a residential financing specialist I not only review your financial picture, current or proposed property type and then ensure the lender chosen is going to be the right fit for you (your family) and your goals. By not being restricted to one lender or funding source, I am able to ensure that you as the customer are provided with my 30 years of financing/credit experience and that the financing strategy chosen is what works based on your needs. In some cases our funders may be a big bank/credit union (we use dedicated channels with perhaps more liberal terms) or more widely used will be a large mortgage corporation (called mono-lines) that offer discounted rates and terms (I like to think they have forced the bank channels to be more competitive...) or lastly, private funding sources solely used as temporary/short term solutions which many industry pundits believe will become more utilized if government intervention into regulations and borrowers rights continue to tighten.
“I’d like to say it’s about providing the consumer with a choice”!
In most cases my services are totally free*, my funders pay me directly however my advice to you is free. We are finding that in today’s new world (since the melt-down of 2008) the lending world is spinning with government and regulatory changes, staying current and attuned takes dedication, commitment, knowledge and resources.
I sincerely look forward to assisting with your mortgage financing needs.
*OAC fees are disclosed before we start