WHAT THE BANKS DON’T WANT YOU TO KNOW ABOUT MORTGAGES!

Before you choose a mortgage loan officer or broker, you should read through this article to gain insight into the secret world of mortgage lending. There's a difference between mortgage brokers and loan officers, and the banks want to keep secrets from you.

The first thing to understand is that there are different types of loan consultants. You have loan officers that work for banks, mortgage lending officers that work for mortgage lending companies, and you have independent mortgage brokers, such as us, who don't work for any one funding source, but rather shop loans to all lending sources via their wholesale departments. So, what does this mean to you?

A banker or mortgage lender works for the company providing the funds (i.e Bank). That means they only offer that lending company's programs. Whether it's the right program for you or not, they are going to sell you what they have. A mortgage broker, on the other hand, doesn't work for a funding source. They broker loans between the borrower and the lending company. So, essentially, a mortgage broker shops your loan for you to many different lenders. A mortgage broker has more loan program options, can get lenders to compete for your loan, and in the end, find you a better deal. A mortgage broker can shop your loan for you better than you can shop it yourself.

A banker or mortgage lender works at the retail level, offering the limited loan programs they have available at the rates they are forced to work with. This limited approach doesn't provide you with the best options. When working through a bank or lending company, in order to shop around for a better program, you need to provide your information to each lender, and have a credit report run each time. A mortgage broker only needs to take your information once. Armed with that information, the mortgage broker presents your loan scenario in the best light possible to many lenders, looking for the BEST deal for you.

A banker or mortgage lender will sometimes offer low lending fees up front, maybe even free checking account services, luring you in, but almost always have a higher rate, charge points, or mortgage insurance (which only protects the lender in case you default on your loan). How else do you think they'll make their money? Banks will make their money, we all know how they operate. Again, banks work at retail. A mortgage broker, even though he/she may also secure loans from banks and lenders, is working with the wholesale departments of those lending institutions, so mortgage brokers can provide lower rates and payments than banks and other retail lenders.

Banks have a big, well-known name and they are the first places we think of when we need a loan, but with limited program options and higher rates, they are not necessarily your best option - especially when their credit standards are so strict. A mortgage broker can find a loan program for almost anyone for almost any situation, no matter how unique. They specialize in finding financing solutions. Banks tend to be more rigid and by the book, and don't offer the creative solutions needed to help most Americans secure mortgage financing.

And, in the mortgage broker side of things, there are good guys and there are bad guys. Talking with a mortgage broker will reveal a lot about their character. Are they spending their time selling you or sincerely working with you on what you need in a loan? Are they advising in your best interest or theirs? Are they honest? This is a business about trust, and they should earn yours before you do business with them.

After reviewing the difference between loan officers and mortgage brokers it is very easy to understand why some of the largest most well known banks do not want you to shop around or speak to mortgage professionals who’s livelihood depends on them giving you a fair deal. 

I hope you have enjoyed this special report. We currently have over 40 creative loan programs to fit your needs. Please contact us at 203-483-0061 to set up your FREE No-Obligation consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.

Sincerely,
Chris Rivers
Chrysalis Funding
150 W. Main Street
Branford, CT 06405

Phone: 203-483-0061

P.S. If you would like to get started now please click the following link or image below to fill out a Free No-Obligation Secure Online Application and we will contact you to schedule a free consultation to help you get the home of your dreams with the best terms available...regardless of your credit!