Are mortgage lenders any better for your clients than brokers?
It recently happened to me AGAIN.
A real estate agent I had been talking to mentioned she was having problems getting a transaction closed because the lender was “screwing around” (her words).
It was one of the big lenders. You’d recognize the name.
But the name doesn’t matter because the scenario is the same anytime it happens.
The worst part? The borrower is trapped in the middle. And while you, the real estate agent, might lose a potential commission, the buyer may lose out on a deposit or the home they really want.
Do Lenders Offer Something Brokers Don't?
It's easy to understand why borrowers (and sometimes agents) fall for the marketing promises made by mortgage lenders. After all, they’ve got all the credentials and probably the big bank behind them.
That’s good, right?
Maybe not for your client.
And, they’ve got cool technology. An app. Upload your documents online. Chat with your underwriter who’s probably in Ohio.
What could go wrong?
What's Behind the Curtain?
On the other side of what appears to be cool is usually a GIANT maze just waiting for your buyer. One person has to talk to another and they’ll get back to you tomorrow.
Our borrowers often find that the teaser rate posted on the lenders website was just for promotional purposes and that their rate is MUCH different now that their file is in process.
Speaking of processes, your documents submitted to the magical technology have somehow vanished or aren’t “complete”. And that underwriter who seemed willing to chat is mysteriously unavailable.
The BIG Difference Between Lenders & Brokers
Let’s get one thing straight… brokers have access to ALL the low interest rates & wonderful programs offered by lenders.
We even have the cool technology.
What we DON'T have, is epic levels of bureaucracy. Of course we have some (we’re lenders too), but it’s nothing on the scale of what you deal with at the larger lenders.
What does that mean for you, the real estate professional, or your borrower?
More personalized service
A more flexible approach to programs
Local follow up
We believe these are what you (and your customers) REALLY want from your mortgage lender. A great rate on the right loan closed on time and without hassle.
That’s what mortgage brokers do better than lenders!
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.