If you went in to a Ford dealership and asked him what the right car for you family was, well, he would tell you it was one of his Ford models. That’s because that’s all he sells, and he won’t make money if you don’t buy a Ford from him.
But what if the best car for you was a Subaru Forester, or Chrysler Mini Van, or even a Tesla S? Would he tell you that? I don’t think so. He would try and convince you that a Ford was the perfect car for you.
That’s a great analogy that illustrates the difference between a mortgage broker and mortgage lender.
A mortgage lender (and that includes banks) works for only one lender and can only offer you a loan product that their parent company offers.
I’m a mortgage broker and I don’t work for just one lender – I can choose from many different lenders. That gives me the flexibility to find the right loan product that fits your needs and long-term goals. I have the flexibility to shop for the best interest rate, look for any specials that are going on, and put you into a loan that works for you.
It also means that I can almost always give a much better interest rate than you’d get from a mortgage lender.
I used to work for a national mortgage lender. I had a branch manager, an area manager, a division supervisor, a VP of retail sales, and a president of retail sales. Not to mention the marketing and administration departments. That’s a lot of people to pay.
I now work for a small, local mortgage brokerage, and we can beat their prices by staying lean and mean. In fact, I can broker to my old company, and I can get much better rates now than I could as an employee of that company. That’s crazy!
And I have way more products to choose from. 3% conventional, rehab and construction, FHA, VA, and USDA. I can do loans if you are just out of bankruptcy, short sale or foreclosure. There are too many to list.
The cool thing is, the lenders I broker to are competing for my business. And I can get on the phone directly to them and ask questions and solve problems. I couldn’t do that working for a lender.
More loan products, better rates, excellent communication, fast closings – no wonder the mortgage lenders and banks don’t want you to know about me.
In my business, choice drives quality and value. You should talk to several lenders before choosing one.
If you’re thinking of buying a home, refinancing, or building your dream home, I would love the opportunity to earn your business.