Both mortgage brokers and bank lenders, also known as direct lenders are great options for home loans. The right path for a home loan is dependent on different factors for everyone. In general, if your loan is a straightforward transaction, and your credit, income, and assets are strong, you may move forward with a direct lender. Even so, banks don’t have to disclose what they make on your loan. The broker’s compensation, however, is clearly disclosed on your closing statement.
MORTGAGE BROKERS PROVIDE MORE OPTIONS THAN BANKS
Brokers have several lenders they can submit your loan application to. This makes them an attractive option, especially for borrowers with difficult loan parameters such as a low credit score, or income issues. If your income and credit is less than stellar a broker knows which lenders would be more likely to accept your application.
SAVE TIME AND EFFORT WITH A MORTGAGE BROKER
If your bank or direct lender turns down your application, you will have to start shopping around for a bank or lender who will. Your mortgage broker can do all this shopping for you. A mortgage broker is also going to be aware which lender is going to be the best fit for you—providing a more likely chance that your loan application will get accepted.
A MORTGAGE BROKER WORKS FOR YOU NOT THE BANK
Even though mortgage brokers may have relationships with several direct lenders, they work for you. The mortgage broker will sit down with you and determine your goals. At the end of the day, you decide which of the options provided best fits your needs.
Going with a direct lender might be a right fit for some, but if you want to save time, have multiple options, and want full transparency of how much money is being made on your loan, you may prefer a mortgage broker.
Stonebridge Mortgage Group can help you get pre-approved for a mortgage, assist with your real estate loan, and provide a number of mortgage solutions — both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon.
Call us today at 503.661.5580
IMG SRC: Scott Lewis