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If we are talking about the larger mortgage bankers, you
can count on them having several strengths. For the
biggest ones, like Countrywide or Wells Fargo, you will recognize
the "brand name."
Usually, larger mortgage bankers are much better at promoting
special first time buyer programs, cooperating with states
and local governments. These programs will have slightly
lower interest rates and costs than the current market rate. To
qualify for these programs, your income must usually fall
below a median average for the area and you must not have
owned your residence for the last three years.
Mortgage bankers may have problems just because they are "too
big" or they may operate like well oiled machines. A
lot depends on the branch or office you deal with.
If you're applying for an FHA or VA loan, sometimes mortgage
bankers are more adept at some of the intricacies involved
than a mortgage broker. For example, the tract you are
buying in may not be "approved" by FHA or VA. Mortgage
bankers often have more clout in getting it approved than
would a small mortgage broker.
If your home loan is declined for some reason, many mortgage
bankers allow their loan officers to broker the loan to another
institution. However, because your loan officer is so used
to promoting his own company's product, he often loses track
of the "niches" offered by certain wholesale lenders.
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copyright 2000 by Terry Light and
RealEstate ABC
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