The 3 Options When Getting Your Mortgage

Justin MillerMortgage Education 101

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