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- Major Lenders Vs Loan Brokers
Your Home Loan
I am not sure I can provide you with the difference between Big Lenders like huge mortgage companies or huge banks vs. Loan Brokers because I only know our situation as a loan broker, I can’t speak for any other Loan Brokers or Mortgage Originators.
Big lenders have one rate. Each day they set their own rate for the various type loans they issue and that is what they can offer you and that is all they can offer you. Based upon your money down (LTV-Loan To Value), your FICO score (Your credit score), your income, and any number of things they may take into consideration, their rate will vary.
We work with a large network of the nation’s top lenders and money resources affording us the ability to offer the very best rate available in the country at the time without having to pursue one money source or one rate. This makes us far more flexible than a major money lender or major loan
The Big Bank or Big Lender Experience usually includes a somewhat indifferent loan originator and many with very limited experience in the lending field. When challenged with credit score issues, late payment records, down payment problems, they are extremely limited in their ability to be flexible and provide a customized structure that gets the home borrower the loan they need.
A borrower has to be careful with many big lenders because the big lending experience often includes a very clever phrasing of the facts to imply very low rates. Ultimately they do not result in a very low loan cost as they advertise rates they do not often actually provide and they have masked many ways to charge fees that increase the cost of the loan.
Our firm from day one started on the premise that each loan was going to be given our full attention and get the full force of our knowledge and network to result in the very best loan possible for each unique client. Our experience is there are no two loans that are the same. The financial history of the clients are different, the funds available and funds needed are different, the FICO scores are different, the credit reports are different and so we CUSTOM SHAPE every loan package to meet the individual needs of each client. No major lender can do this as well as we can and while Loan Brokers can do this few have at their disposal the vast network of resources that we have or the strong team of dedicated professionals who care about saving you all the money they can.