Hello Michelle, Going with your bank can be a good thing or bad. Just depends on the bank, and how they process loans. Most large banks take about 60 days to close on purchases. Whereas a direct lender, or mortgage banker, can fund a clean loan within 2 weeks. Now, going to a broker, can open up more lending products, but they usually will have their fees and agents to pay commissions. I am local in you area, in La Palma. If you would like, you can contact me off this page and provide you with more information. Good luck in your housing hunt!

It depends on what type of property you are looking at, your credit score, income, money to put down on the loan. All these factors will determine which products you may qualify for.

One big difference is banks only offer there rates. I am a mortgage banker and can price with all the top 5 big banks as well as a direct FHA and Fannie Mae lender. This means I can search from all the banks to determine te best rate while if you go to your bank you are stuck with there rates. I also can close loans in 3 weeks or less while banks typically take over 45 days. This could mean the difference and getting the house you want or not. The faster you can close the more attractive your offer might look.

Hi Michelle. For the most part, banks have higher rates, but generally, lower fees. When you find a lender that has low rates and fees, that is when you want to get pre-qualified. I am fortunate enough to be affiliated with such a lender. Contact me if you would like more information.

Loan agents/ loan officers that work for mortgage bankers or brokers are licensed with the National Mortgage Registry and Licensing system also know as the NMLS. These individuals are required to take tests in order to get thier licenses, pre licensing education classes, cont. education classes on a year basis, they are required to have thier back grounds checked, they are required to have thier credit reports screened. Why would you want to take out a loan from someone who can't handle thier own finances- thier advice may not be the best.Banks don't require that you complete all of the above. Many loan agents/ officers that couldn't pass the test or background checks went to work at banks. With this being said thier still are many good loan officers working at Banks. ASk the originator for thier NMLS # and you can view thier back ground to see if you feel they have enough experience. The site to check out thier back ground is http://www.nmlsconsumeraccess.org/Home.aspx/MainSearch As with some loan officers at banks or bankers or brokers the ink never dries on thier pre approvals.