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When it comes to being a pro-active Buyer, the best place to start is by putting your financial house in order. Knowing your mortgage source(s), what the Mortgage Banker vs. the Mortgage Broker can do for you, and establishing a working relationship with experts in the mortgage business, can never be premature for the serious Purchaser who intends to finance their acquisition. Your rewards (even before you find the perfect home) are in the form of flexibility…an ability to not only find the best rates, but also to make a connection with a financial rain maker. Boy Scouts motto as it may be, being prepared in advance will certainly shine a favorable light (on the Sellers) when bidding on a property you've selected. Being ready to make a deal, on the spot, is a powerfully strong position for the successful Purchaser.
When it comes to Mortgage financing, revealing your 'lingerie draws of life' to a virtual stranger can often be unnerving, and is best shared with a person you can communicate with and trust. Should your financial portfolio be managed by a Securities Brokerage, this can serve as a great resource for you, assisting in your search for the most current and effective financing information which will meet your specific needs. When it comes to choosing the best mortgage professional for you, there are three basic categories from which to pick…the Mortgage Brokers, the Mortgage Bankers, and Financial Institutions.
The Mortgage Brokers are middle-men, the conduit, between the Purchaser and the financing money…with hundreds of packages to choose from, originating from dozens of different financial institutions. The most effective, results-oriented, Mortgage Brokers I've worked with are the ones who have come up with prolific and creative solutions for a variety of my Customers and Clients….each possessing diverse financial backgrounds.
The Mortgage Bankers are the direct source to financing capital…and they include national, regional and local banks, independent financial sources, and those Mortgage Brokers that buy and sell their own loans. Though the Mortgage Banker may sometimes act in the capacity of a Mortgage Broker, the scope of finance packages which they offer is limited to those which their institution issues, and often with particular restrictions attached to the terms of the loan (ie: cash-out, stated-income vs. documented-income).
The Financial Institutions…inclusive of Commercial and Savings Banks, Securities Brokerages from Wall Street, and Credit Unions…often provide very competitive rates, because you are dealing directly with the source. In terms of 'creative financing' there are fewer options from which to choose your ideal scenario, yet the Financial Institution can easily offer you an edge over their competitors, in the hope of keeping all of your assets under one roof.
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