What is the benefit of using a mortgage broker instead of going direct to the lender?
I'm thinking of buying my first home and want to do what's best.
Answers | 4
This is not exact. It is true of a Mortgage Broker who might be a one man shop (few exist), I work for a nationwide company owned by a Fortune 100 and we do everything in house and fund with our own cash. Loans are sold off usually in 1-3 months after closing. Borrowers don't see the secondary sale until they get servicing notices. We offer better rates as I can shop a Fannie, Freddie, Credit Union and Portfolio lenders. Although a bank might be direct they are slow, and ship the file to a centralized center to wait in line