Net branch lenders have sprung up over the last fewyears. Net branches call their companies “mortgage banks” and are primarily mortgage brokers who have banded together to form companies with centralized underwriting and pricing. A pricing person in the company sets the rate and cost of loan offerings each day.
Credit unions normally have competitive rates. They offer mortgages as well as home-equity loans and consumer financing. They are owned by their members.
Mortgage brokerage companies, even with full compliance of new regulations, remain in a position to competitively price their mortgages. They represent multiple investors and have the flexibility to consider all facets of a loan request and the unique situation of each borrower. In a sense, they are the old-time method of financing.
Internet lenders appraisal is paid, but their ads are really tempting, aren’t they? Be very careful.
The best advice is to shop hard and pick who you believe will represent your best interests and economical needs.
Jim Gay was a real-estate broker for over 20 years and has been a consultant to Fortune 500 companies. He is currently a broker/owner withThe Mortgage Place, Inc. (505-986-9080) and can be reached at firstname.lastname@example.org