Bank versus Broker

A bank typically has a limited number of mortgage products available for homebuyers. Most times these products are not available to the credit challenged or limited down payment clients.

Their staffs are hourly workers. While excellent at their jobs, the urgency factor sometimes is lacking.

A mortgage broker on the other hand is a self employed individual that works strictly on commission. If the loan does not close, they do not get paid. An urgency in verification of application information is always first and foremost in the good mortgage brokers mind. They work hard to compete for the business, knowing that a real estate agent is also on commission and they hold 2 persons paychecks in their hands, theirs and the real estate agent's. Mortgage brokers have a wide range of programs available to them to fit the needs of most clients. Buyers who have been denied by banks can typically get a home loan through the mortgage brokers contact.