It’s all over the News, “Stumpf leaves Wells Fargo and its 268,000 employees with a damaged reputation..” Big banks. The big five. Not a lot of positive new coming out of these institutions. Yet, Wells Fargo alone originated over $47 Billion dollars in mortgages in the fourth quarter of 2015 according to Bankrate. This is a whopping 12% of all mortgages. You have a choice when getting your mortgage.
Do you know the differences between using a bank or using a mortgage broker to get your new mortgage? Let’s take a look.
A mortgage broker does a lot of the leg work for you. Because your broker knows the requirements of the lender, they can walk you through the paperwork and get you through the red tape faster and easier. They work on your behalf with the lender.
You get more loan options because they have established relationships with lenders. The knowledge gained from working with the different lenders allows your broker to get the right loan and the best rate for you.
Brokers like Lending Maven work with mid-size and smaller banks. This provides more of a relationship based model. You can get the wholesale mortgage rates that are available to brokers which can be lower than if you went to the bank directly.
Your broker is a lot easier to reach out to and have a conversation with. Because you are dealing with a broker, they want to have a personal relationship with you. You can call Tricia and get an answer, an email or a text. That can’t be said for big banks.
And it’s worth mentioning again. Paperwork, paperwork and more paperwork. Your broker can get you through all of the required documents, help you along the way and be there to make this process as pain free as possible. Your experienced broker can help head off problems in the beginning. They know what red flags a lender is looking for and will help you avoid them.
Want to learn more about owning a home in Stapleton?
Lending Maven is a full service lending company with more than 15 years of experience in Denver. We will never sell your information or use it for anything other than contacting you about purchasing a home.