The 3 Options When Getting Your Mortgage

The 3 Options When Getting a Mortgage 

MORTGAGE BANK

• Underwriting Location – Local – you know the underwriters and what they are looking for
• Interest Rates & Products – Multiple investors, products, & interest rates to choose from
• Appraisals – Have their own set of approved appraisers that are experienced and know the market & area

LOCAL BANK 

• Underwriting Location – Centralized – so it’s hard to get to know your underwriter and that’s who approves the loan
• Interest Rates & Products – You only have their rates, programs, and if volume increases so will the rates
• Appraisal –Use Appraisal Management Company so they don’t know who the appraiser will be, their experience, and whether they know the area

MORTGAGE BROKER

• Underwriting Location – The loan is underwritten by the bank they choose, not local, and you won’t know the underwriter
• Interest Rates & Products – Multiple investors, products, & interest rates to choose from
• Appraisal – Use Appraisal Management Company so they don’t know who the appraiser will be, their experience, and whether they know the area

 AND THE WINNER IS ……

MORTGAGE BANKER