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What are the advantages of going through a broker rather than just going directly through a bank?

by ethdfbv525 from Miamitown, Ohio. Mar 13th 2018 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

There are endless reasons to use a broker or a mortgage banker vs. your local bank. But the first thing is in regards to your loan officer. Typically, bank LO's are not trained in analyzing your scenario and matching you up with the best loan.. they are merely application takers.. The industry average mortgage broker is 56 years old and has been in the business for 20+ years.. the average age of a Bank LO is 28.. Dealing with a bank, you will be passed from department to department.. dealing with a broker, your're likely to have the same person, or their assistant through out the entire process. I had a client who came to me after being turned down by a large bank (I wont name them, but they like stage coaches).. 2 weeks after applying with me, we were getting ready to draw doc's, and his "Bank" loan officer called him asking if he had any questions regarding his loan.. The Bank LO didn't even know his company had already turned down the borrower 2 weeks earlier.. I could go on, but i'm sure you get it.. Banks are incapable of closing a purchase transaction inside of 30 days.. for most sellers.. if you need more than 30 days to close and other offers have buyers only asking for 30 days, they will pick the shorter closing date most always.. So, Brokers offer shorter closing times, better access to qualified, experienced loan officers trained in finding the best loan for you, accessibility to your LO at all times, and typically will have better loan pricing.. For all these reasons, I say ditch the big box bank and contact the local broker.. you'll get better service, better pricing, and close faster.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 13th 2018
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