You need to make sure that your loan officer is up-to-date and very experienced on the different types of financing programs available. Their loan market is always innovating and developing new financing options. It is absolutely essential that your loan officer is aware of these options.
Knowing the right people will always give you success. Another avenue of success is by having a knowledge of the process and selecting the right option for you.
While the bank can only offer loan programs from their institution, the mortgage broker represents a number of banks and other lenders, which results in more financing options for the borrower. While their options are more limited, if they have an option that meets your needs you will save money because banks can offer financing with cheaper initializing costs than the broker.
BROKER VS. THE BANK
MORTGAGES AND TRUST DEEDS
What most people refer to as a mortgage is really a trust deed or a deed of trust. A trust deed conveys naked title or bare legal title (title without the right of possession) as security for the loan to a third party, called the trustee. The conveyance establishes the actions that the trustee may take if the borrower (or trustor) defaults under any of the deed of trust terms.
While the bank can only offer loan programs from their institution, the mortgage broker represents a number of banks and other lenders, which results in more financing options for the borrower. While their options are more limited, if they have an option that meets your needs you will save money because banks can offer financing with cheaper initializing costs than the broker.
Their loan market is always innovating and developing new financing options. A trust deed conveys naked title or bare legal title (title without the right of possession) as security for the loan to a third party, called the trustee.
Another avenue of success is by having a knowledge of the process and selecting the right option for you.
In other words, when a person borrows money to buy a property, the borrower gives the lender the right to take that property if the borrower fails to repay the loan. The specific rights the mortgagor (borrower) gives the mortgagee (lender) vary from state to state.
