What’s the Difference Between a Mortgage Broker and a Bank or Online Lender?

Transcript:

This question has come up a lot lately with our clients. What is the difference between a mortgage broker and a big bank or an online lender? The biggest; difference is this by being a broker, we have unlimited products and pricing options for our clients with dozens of lending institutions in our arsenal. We’re not boxed in; by the limitations of working for a bank with only the programs and rates that they choose to offer. We have options for just about every credit situation. Including loans with little or no down payment, loans for veterans reverse mortgages, renovation loans, and the list goes on. Our compensation; is not based on the rates you select. We are compensated by lenders based strictly on the dollar volume and size of the loan. Our compensation; is fully disclosed to you. Big banks don’t have to disclose their margins, and you’ll never know what they’re earning on your loan.

Most big banks want your business so that they can cross-sell you on other products. How many times have you gotten solicitations for insurance or credit protection? We’re here for one thing, you. Our only objective is to advise you on your financing options and help you to select the best mortgage loan for your specific situation. Becoming a broker wasn’t easy. Unlike; big banks with call centers where an untrained person only has to register with the licensing system to start offering loans to consumers. Brokers and their loan officers are required to hold both a California real estate license and a nationwide mortgage license endorsement. This entails annual continuing education and recertification with a more robust renewal every four years. That requires multiple real estate courses. We are educated and knowledgeable advisors. Not just glorify telemarketers.

Here in Amerifund, we’ve built our business over decades of repeat customers and referrals from happy clients. And our online reviews are just one small testimony of our customer-focused mindset. I wear this shirt because I truly believe that brokers are better. Thanks for watching, and have a great day.