The Difference Between a California Mortgage Broker & an Institutional Bank

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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5. The Difference Between a California Mortgage Broker & an Institutional Bank.
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WATCH OUR INFORMATIVE VIDEOS!
What Does a Mortgage Broker Do? (1 min., 55 sec.)
Why You Should Choose a Broker Over a Bank. (1 min., 46 sec.)
Home Loan Documentation. (1 min., 34 sec.)
The Down Payment. (1 min., 7 sec.)
FHA-Insured Home Loans. (1 min., 48 sec.)
Out of the Area Clients. (1 min., 47 sec.)
Moving to California? (1 min., 47 sec.)

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