Reason: Representation
Mortgage Broker: Fiduciary duty to the borrower to get the best loan possible. Packaging the loan to highlight the strentghs of your loan scenario and minimizing the weaknesses.
Direct Lender: Represents the lender.
Reason: Customization
Mortgage Broker: Offers numerous programs from many lenders and investors at very competitive rates.
Direct Lender: Offers a limited number of programs that need to fit "their box."
Reason: Flexibility
Mortgage Broker: A "problem loan" can be moved from one lender to another, while obtaining the best rate available for your situation.
Direct Lender: Once a loan is denied, the borrower must try a different lender.
Reason: Certification
Mortgage Broker: Licensed by the Department of Real Estate, enhanced with the knowledge of many lenders and loan programs...as opposed to just one lender's!
Direct Lender: No licensing required with limited programs available.
Reason: Costs
Mortgage Broker: Can offer numerous rate and fee combinations, as well as lower processing fees.
Direct Lender: Offers limited rate and fee combinations.
Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.caloan.com/
Blog: http://www.caloanblog.com/
"You find the perfect home, we'll find the perfect loan!"
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