A mortgage broker is a third party that arranges for home financing by working with investors or mortgage companies to close your mortgage loan. A mortgage broker offers standard home loan programs but
also has more unique loan programs. Because a Mortgage Broker in Plattsburgh, NY is not lending their own money, they can close a more difficult loan without absorbing the risk associated with the loan. If you are in a complex financial situation, you may be best served by working with a Mortgage Broker.
Should I Work With a Mortgage Broker or a Mortgage Bank?
The correct answer is…. both. A mortgage bank will always offer the best terms for your home loan while a broker has access to more programs. The best option is to find a mortgage bank that also brokers home loans. At Bank of England Mortgage, our goal is to offer financing through Bank of England (An FDIC Bank) first but if the loan is unique or requires a program Bank of England does not offer, we can also broker the loan to get the loan closed.
The Advantages of Working With a Mortgage Broker That is Also a Bank
The Lowest Interest Rates
If your loan application is approved with the mortgage bank, you will be offered the best possible terms.
Fewer Credit Inquiries
If the loan is rejected at the bank, the Bank then can act in the capacity of a mortgage broker and still obtain financing with fewer credit inquiries. The broker will use the same credit report pulled by the bank to arrange the mortgage financing. Every inquiry has the potential to lower your credit score. By working with a Mortgage Bank that also brokers mortgage loans, you can limit credit inquiries on your credit report.
Better Chances of Approval with a Mortgage Broker
Because brokering a home loan means a higher chance of approval, a mortgage bank that also brokers mortgages means you are more likely to be approved. A mortgage broker can work with numerous investors and offer all of the loan programs available. This means, if the bank denies the loan, when the bank acts in a mortgage broker capacity, if the loan can be approved, it likely will be.
If you have any questions or would like to inquire about the loan programs available, give us a call at (518) 324-5544 or use our purchase qualifier to get pre-approved.