From whom should you get your mortgage loan? A direct lender (bank or mortgage bank)? Or a mortgage broker (an intermediary between borrower and a wholesale lender)?

The choice for where to obtain your mortgage loan comes down to two options: a direct lender or a mortgage broker.

There are 5 points to consider when making this decision:

1. Your profile - this includes credit history, assets, income, and other items related to your qualifications. If your profile is unique, finding the right direct lender could be problematic.

2. Type of Loan - if your requirement is unique, you may have difficulty finding the best lender among those who offer that type of loan.

3. Transaction - if you're purchasing a home, there are important factors to consider beyond simply rate and terms.

4. Proximity - an out of the area lender may be less responsive that one that is local.

5. Costs - shopping rates and terms can be difficult.

If you would like to apply for a loan or discuss this further, please contact me!