The
Difference Between a California Mortgage Broker & an Institutional
Bank
Institutional
banks -- you know their names -- all the big banks plus the regional
and local banks -- offer mortgage loans. Usually, when a prospective
borrower thinks about getting a home loan, the first place they
think of is their bank.
There are substantial difference
in how banks and mortgage brokers work. Here are the primary examples:
1. Loan options.
Banks offer only their own loan products. Those loan products may
or may not be the best-possible deal. There are many sources for
loan money. A California mortgage broker's job is to match you up
with the best-possible funding source. On any given day, that source
could be a bank -- possibly your own -- hundreds of other sources,
including private lenders. A broker can survey all appropriate funding
sources for you whereas a bank will not.
2. Access. Bank
employees -- including mortgage specialists -- are available only
during bank hours. If you have a question or a problem after business
hours or on a Sunday, you won't get it answered right away at the
bank. Our mortgage brokers can be reached after hours or on weekends
via email and phone. When you decide to do business with us, you
will receive the necessary contact information to reach your broker
during non-business hours.
3. Motivation to serve you.
Bank employees work on salary. They get paid whether they energetically
work on your loan or put it on the back burner. A California mortgage
broker works on commission. He or she doesn't get paid until the
loan closes. For a broker, performance means everything. This is
why a quality California mortgage broker will often close the loan
faster than will your bank.
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