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
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