Differences Between, Banks, Mortgage Brokers, Credit Unions and a Mortgage Company.


you have a lot of options in getting a mortgage. their are mortgage
companies are credit unions their are banks and their are mortgage
brokers and all of them are a little bit
different. a mortgage company is a an in-house lender we provide the mortgage for you in house but we
are not set up to make the interest on your
loan so we will sell or transfer your loan to someone else where who you make your
payments to you a bank is someone who does them both
they providing mortgage in-house and you make
your monthly payments to them a credit union is a lot like a mortgage
company where sometimes they’ll do some things in-house but usually they’ll just
provide the mortgage and then they will sell it to a bank or
someone else who will you make your payments to and then a mortgage broker is someone
who never owns the mortgage they’re just a
representative for a number of different lenders and
they will then shop those lenders for you and and that bank will provide the funding
and also the mortgage itself and you make your
payments to them there are a number of pros and cons so
if you go to a bank you’re going to experience what a bank
does their typically a little bit slow they
have their their own processes that they do and it
usually takes a little bit longer but it is nice to have it all in house
you make your monthly payments at them when it’s all said and done the only downside is that it’s a little
bit slow and they’re also offering their own their own interest
rate as opposed to a number of other different banks and interest rates um a
mortgage broker is it’s great they’re good because you
can they can shop a number of different
lenders for you where you can make sure to have the best
available rates and fees hopefully the only downside is that they don’t
have any control over the actual long process because they’re working and an investor from Timbuktu who will then underwrite alone in making
decisions and so when you’re going through the process actually securing the financing it can
be a little bit more difficult as a result a mortgage banker or
mortgage company like the company that I work for is it
has a little bit at the best of both worlds we can provide exceptional service in
timing by doing process for you in-house by making their own decisions ourselves
well also when we sell the long will shop a
number of other banks and decide and get the best
available interest rate for you on your yet

2 comments on “Differences Between, Banks, Mortgage Brokers, Credit Unions and a Mortgage Company.”

  1. larry rodgers jr. says:

    great explanation

  2. cimplechico says:

    Wonder what’s their cut!!!

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