Mortgage Broker or Retail Bank in Sayville New York
This is the biggest decision that a borrower will ever make in their life when looking for a mortgage in Sayville New York. The debate has been going on for decades use a Mortgage Broker or my local Retail Bank. The negative press that mortgage brokers received after the financial crisis in 2008 still sticks with many of today’s borrowers who believe it is safer to work with their local retail bank. But the newly created Consumer Financial Protection Bureau (aka CFPB) in 2010 has set standards so high for mortgage brokers and so low for retail banks in Sayvile New York, that you might want to take a second look prior to signing on the dotted line at your local bank.
While your larger retail lending institutions offer mortgage products they are not specifically focused on mortgage lending. There focus is on other areas of lending to help make them profitable like auto, boat, credit cards, student, and personal loans to mention a few. They are not focused on one area of expertise which you care about when buying or refinancing a home which is Mortgages. Large retail lending institutions can only offer the loan products they have in house, and most often pricing is higher due to the large overhead costs associated with these larger multi level institutions and banks.
A known shortfall of working directly with a bank is that its loan officers are not necessarily mortgage experts. In fact, federally insured lending institutions do not require their loan officers to be licensed. While they must be registered with the National Mortgage Licensing System data base and hold an NMLS number, bank loan officers are not held to the same standards and regulations in terms of extensive testing and ongoing training on mortgage guidelines and changes that brokers are require to adhere to in Sayville New York.
Many of today's Retail Banks are looking only to originate and approve qualified mortgages due to the limited liability that has been established in the Dodd-Frank Act of 2010. These qualified mortgages have a debt-to-income ratio of 43% or less making the lender approval process even harder. To make the approval process even more stressful for today's borrowers is that loans are shipped out to a central processing center 100's of miles away from your local branch. That banking relationship you were counting on to get a fast approval has just gone out the window. It is now your responsibility to get the needed paperwork over to the underwriter so they can clear your file to close. To top things off many larger Retail banks limit the hours their employees can work so making contact with them in the evening or weekend when you are available will further irritate you.
Working with a Mortgage Broker is a lot different than a Retail Lender or Bank. Mortgage brokers
are licensed residential mortgage professionals with access to hundreds of loan options for you the consumer when looking to buy or refinance your home. They support their borrowers by leveraging relationships created over years of work enabling them to help secure the most favorable loan options available. You have greater access to a mortgage broker in the evening and over the weekends when you might need to talk with the the most. Mortgage Brokers can help homeowners and home-buyers save thousands of dollars on what is likely the most important financial transaction in their lives.
Many of today's Mortgage Brokers like The Mortgage Outlet are now typically smaller and many times family run business that adapt to change quickly and have less overhead to be more competitive in the mortgage market. Borrowers should be aware that the Dodd-Frank Act of 2010 that the commission structure for mortgage brokers is highly regulated and that Mortgage Loan Originators have the same pay structure on all loans, no matter what type or loan or loan size.
Mortgage Brokers are able to streamline the loan shopping and loan approval process by lining up multiple options that you the borrower would qualify for to allow you to choose the best option. Furthermore they are able to get loans closed at a faster rate then larger lending institutions many times in 30 days or less. Mortgage Brokers partner with high quality lending partners nationwide to ensure their referrals and new business opportunities continue to flourish.
Many of today's borrower wrongly assume that large retail lending institutions and banks in Sayville, New York offer the best mortgage deals. In fact, mortgage brokers like The Mortgage Outlet do not have the heavy over head costs and can often secure a lower interest rate through the same large lending institutions wholesale division. Consumers who apply for a loan directly with a large retail lending institution or bank believe they they are cutting out the middleman, the mortgage broker, but in fact, may be putting themselves at a disadvantage by not using a mortgage broker.
I understand that talk is very cheap in this industry but see the testimonials that The Mortgage Oultet has from its past client's. Mortgage Brokers like The Mortgage Outlet have a Special 30 Day closing program for those of you that qualify here should you need help when your retail bank cannot close your loan. You can always call me at 631 589 3600 and speak with me directly or one of my team members or email me at david.bailey@themortgageoutlet.org
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