Banks vs. Mortgage Lenders-- Too Many Choices! How Do You Know What Your Getting?

Banks vs. Mortgage Lenders-- Too Many Choices! How Do You Know What Your Getting?

If you are buying a home chances are you will be using a mortgage, and there are some BIG differences between mortgage brokers and bank loan officers. I hope this information assist you in making an educated decision as to which will better suit your needs.

Bank loan officers or credit union loan officers are employees who sell and process mortgages for their employer. The loan officers offer a wide variety of loans that all originate from one lending institution, the bank where they are employed.

A loan officer assist you in completing an application and provides you with a list of required documents needed for loan approval. After your personal credit is approved the loan officer moves forward to close your purchase.

Mortgage brokers are independent contractors who are paid a fee to bring borrowers and lenders (investors) together. They provide their services for a pool from a few to several hundred lenders.

Mortgage brokers find you the home buyer, evaluate your credit and determine which lender is the best fit for your needs. The broker submits your application to several lenders in order to sell it and earn a commission. Once a lender is selected they work with the lender, to meet their requirements, until the loan closes.

Brokers are paid a fee for each transaction and the more appealing the loan is to the lender the more they make.

As a consumer it is somewhat difficult to tell if you are truly dealing with a bank or a mortgage broker. Some mortgage brokerages use the words 'bank' or 'banker' in their company name, it is always a good idea to ask.

There are pros and cons to using either a bank loan officer or a mortgage broker, the best thing to do is shop around. Interview the people you are interested in using, without allowing them to run your credit. Only submit a credit application after you have chosen the person you wish to work with. Buying a home can be and is very stressful use someone you can trust to get the job done.

For information on 'How to Secure Financing the Smart Way' and 'Questions Buyers Should Ask a Mortgage Lender' please email me your address and I will send you a buyer's information packet with these tips. My email is CindyCranston@remax.net, or you can visit my website www.GoSeeCindy.com and register as a user.

I want to be a valuable source for all your real estate needs. I appreciate your support of my business and value any input you may have. ---Cindy

Cindy Cranston is a REALTOR© living and doing business in the South San Antonio, Floresville and La Vernia, Texas market. She represents both homeowners and home buyers in these areas.  

MY PROMISE TO YOU:

Unlike the traditional agent, I am a professional REALTOR©.

I adhere to the REALTOR© code of ethics set forth by the National Association of REALTORS©.

I put my client's best interest above my own at all times.

I act with honesty and integrity with clients, customers and other professionals I come in contact with in the day to day operations of my business.

I understand that each property and client is unique and work with my buyers and sellers to realize their true desires and goals.

I understand and utilize the latest technologies to ensure the properties I market get the best exposure.

I meet with my sellers to customize a marketing strategy that fits their needs.

I communicate openly with my client's, I am always open to constructive suggestions.

If you are tired of the traditional agent who is unable to articulate what makes them different from the other 7000+ agents in your area, and are ready to work with a professional, give me a call.