lenders use mortgage brokers as their loan officers. They offer a lower rate to
the broker, the broker adds on his compensation, and the rate is usually about
the same as you would get using a mortgage banker. Sometimes the rate is lower,
sometimes higher, depending
on how much compensation the broker adds on.Mortgage brokers also
learn the "hot points" of various wholesale lenders and can handpick
the lender for a borrower which may be unique in some way. He will be able to
submit your loan to either a portfolio lender or a mortgage banker. Another advantage
is that, if a loan gets declined for some reason, they can simply repackage the
loan and submit it to another wholesale lender.One additional advantage
is that mortgage brokers tend to attract a high number of the most qualified
loan officers. This is not universal, because mortgage brokers also serve as
the training ground for those just entering the business. If you have a new
loan officer and there is something unique about you or the property you are buying, there could be a problem on the horizon that
an experienced loan officer would have anticipated.A disadvantage is that
mortgage brokers sometimes attract the greediest loan officers, too. They may
charge you more on your loan which would then nullify the ability of the mortgage
broker being able to "shop" for the lowest rate.
Author:Dawn Borkowski Phone: 864-313-4608 Dated: August 25th 2013 Views: 517 About Dawn: ...
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