Mortgage Shopping: Big Banks vs. Direct Lender

Big Banks:

1. Big Banks-limited qualifications, homeowner’s and buyers need to fit into conventional Fannie Mae and Freddie mac guidelines.
2. Primary banking institutions have higher overhead costs, thus more fees and costs are built into your loan.
3. They do not specialize in mortgages, as a banking institution the turn times are at least two months.
4. Mortgage Servicers want to make the higher interest over the lifetime of your loan and will only call you when they receive a payoff request.

Direct Lenders

1. Direct lender/brokers will have access to more loan products for clients with limited credit, will do the heavy lifting for you, can provide solutions to tricky loans.
2. Will go the extra mile to find products that are personalized to your needs.
3. Access to wholesale pricing that saves you thousands in the long run. Ability to help you compare rates across various banks and lenders.
4. Receive coaching on how to improve your credit rating and qualify for a mortgage.
5. Lower down payment, derogatory items on credit.
6. Outside the box solutions for the most compatible loan programs.
7. Flexible availability by your personal banker, instead of conventional hours 9-5pm Monday-Friday. Your banker is available direct outside those hours to help with any questions you have.