Mortgage Broker or Retail Bank - Is there a tangible difference?

Personal Service:

• Florida mortgage brokers offer a more efficient and quicker real estate loan close process. This is because experienced mortgage brokers, like Florida Mortgage Providers, are engaged directly in the mortgage loan process and are singularly focused on their clients' home loan process.  Unlike banks, there are no departmental backlogs and you do not have to “get in line and wait".
• A mortgage broker can provide one-on-one service throughout the home loan process, unlike large banks with thousands of employees and dozens of departments and red tape. Basically, working with the best mortgage broker means you never have to worry about explaining your situation multiple times to multiple people. Instead, you get personalized service from start to finish.

​Solutions Oriented:

• When you trust a mortgage broker with your home loan, you can trust that they have the ability to provide solutions-focused service. Whether that means a VA home loan, first-time home buyer loan, or something completely different, a qualified mortgage broker, like Florida Mortgage Providers, finds the best mortgage program for your needs. They review your particular situation and match you with the right mortgage loan program to offer the best solution and most streamlined closing process.

Money-Saving Techniques:

• Mortgage loan brokers understand credit score pricing and how to leverage programs for their clients. For example, if a borrower has a 699 credit score, the Broker can see the effect on the borrower’s rate if they were to improve their score by just a few points. Home mortgage brokers often have tools at their disposal to help position their clients for the best rate and pricing prior to making an application, unlike their banking counterparts that simply take whatever credit score exists which can end up unnecessarily costing the borrower thousands of dollars.
• Qualified mortgage brokers are more aware of available home loan program options, such as the ability to run a conventional loan through either Fannie Mae or Freddie Mac. Knowing the difference can mean less paperwork and can even save the consumer the cost of an appraisal fee:  A potential savings of $500.00 or more!
• Unlike their banking counterparts, mortgage brokers often have access to reduced mortgage insurance premiums which can save the consumer as much as 50% on their monthly mortgage insurance premiums!