On the purchase of your last home, did you use the services of a loan agent/officer? If not, what did you use?
2007-02-10 11:42:17 · 8 answers · asked by Triple Nipple 1 in Business & Finance ➔ Renting & Real Estate
I assume you are asking whether to go directly to a lender versus using a mortgage broker.
A direct lender will generally have higher rates then a mortgage broker (mortgage brokers have access to wholesale rates whereas direct lenders offer retail rates)
A direct lender will run your application and either approve you or not at a given rate, a broker can run the same application but get results from multiple lenders and find you more competitive rates and/or more flexible programs.
A Mortgage broker is only as good as his reputation. If you work with an ill-reputed broker, you can really get ripped-off. In that sense, a large direct lender is safer because they have very strict guidelines and do not tolerate any unfair or high cost loans.
2007-02-10 13:04:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Unless you are buying a house with cash, you need the services of a loan officer. Banks and lending companies won't deal directly with a person because there are so many things that need to be accomplished before they give you a loan and a loan officer is usually in charge of doing that.
Loan brokers are usually your best bet because they can shop around for a loan as opposed to a bank that has a limited amount of programs to offer.
2007-02-10 19:48:41 · answer #2 · answered by Ricky S 2 · 0⤊ 0⤋
By loan agent do you mean mortgage broker? If so then YES!
Mortgage brokers have the ability to take your situation in account and shop around many many lenders to find a lender that has a loan program that works best for your particular situation.
Referrals are the best source of finding an honest mortgage broker that will work hard for you. If you want to see an example look no further than my company site at www.fivestarsmortgage.com.
2007-02-10 19:47:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I used a mortgage specialist, someone/anyone who knew more about the choices available than myself! It's good in my opinion to use someone who you can confer with as opposed to strictly an Internet-based loan provide: someone who you may never meet!
Also if you're shopping, be sure they don't ask for a commitment fee upfront before doing any work for you! How else can you be assured that you are getting any kind of service at all?
2007-02-10 20:38:38 · answer #4 · answered by Venita Peyton 6 · 0⤊ 0⤋
I used a mortgage broker...Although a loan officer at a bank might be cheaper.
2007-02-10 19:45:31 · answer #5 · answered by johnnyacura5 2 · 0⤊ 0⤋
I used a broker with my purchase & again with the refinance. Will use a bank in the future.
2007-02-10 19:48:07 · answer #6 · answered by William's Mum 2 · 0⤊ 0⤋
Nope..don't have a home in my name
2007-02-10 19:44:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
no
2007-02-10 19:43:43 · answer #8 · answered by Anonymous · 0⤊ 0⤋