Skip to main content

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. 

Comments

Post a Comment

Popular posts from this blog

Things to know about a Title Report

Things to know about a Title Report Annette Bui| Updated March 7, 2019 |  Mortgage Programs 101 Most homeowners are focused on securing the best rate or getting a good appraised value when buying a home. A very important aspect of the home buying process that may impact the closing time frame is what is shown on a title report. Oftentimes when buying a condominium, the lender will need to get the homeowner’s insurance binder. Depending on the community, this duration may take as long as 5-7 business days. Things to keep in mind to understand how a title report may affect you. Legal description-the legal description gives you more detailed information on the property that is not shown in the original listing advertisement. It is a written detail of property boundaries, any inclusion of property’s interest in common areas, easements and or any parking that is included. If it is a condominium, you will get information on any non-exclusive or exclusive easements. Taxes-R...
Post a Comment
Read more

Little Known Difference between Interest Rate and APR

        Little Known Difference between Interest Rate and APR       Annette Bui| Updated March 21, 2019 |  Mortgage Programs 101        On e of the first things consumers want to know is what is the interest rate? When comparing lenders and finding out which loan product works best for you. One of the most important factors is to look at what the Interest rate as well as the APR or annual percentage rate.  While both figures will express how much you are paying on the loan, they do not mean the same thing.  The interest rate is the cost for the principal amount borrowed on your mortgage loan. This can be either fixed for 15, 20 or 30 year term.                   The APR, short for annual percentage rate tells you the total cost of financing your loan including any fees, discount costs that are financed into the loan. This means, when you see an advertis...
Post a Comment
Read more

My Story

My Dream is to advocate for your family:     I take a personalized consultative approach to helping you get approved faster in the mortgage shopping process, offer a more streamlined process, generating solutions that are useful to consumers to build confidence in the mortgage shopping process. My personal goal is to find new and innovative ways to help families identify their mortgage based upon current market trends, personal need, client oriented approach to help families thrive and improve their most valuable investment. I see myself as a personal mortgage Guru, here to offer helpful information, better ways to save. Developing unique tools, investment strategies that revolve around your personal needs in a mortgage. As your personal mortgage guru, I can provide a customized approach to help guide you through the qualifying process, credit improvement, tips and tricks to gain the extra savings on your loan. My knowledge and support is all referral based and it is...
1 comment
Read more