Mortgage brokers or mortgage lenders? What is the difference?
US Mortgage of Virginia is one of the top mortgage brokers in Virginia and maintains offices throughout 17 states including Virginia. As a mortgage broker, we maintain relationships with over 15 mortgage lenders. The main difference between mortgage brokers and mortgage lenders or direct mortgage banks are; As mortgage brokers, we have the ability to look at mortgage rates and mortgage loans from many different lenders.
Mortgage brokers such as US Mortgage offer you many more possibilities for mortgage loans. When you look to mortgage banks or a Credit Union for mortgage loans, you are limiting yourself to just their loan programs and rates. Their specific loan program may not be the best for your situation. Additionally, they may not have the best mortgage rates. Our rates can change numerous times a day and each day we know who has the best mortgage rates. We will know which mortgage lender to go to based upon your unique situation.
Mortgage brokers have no extra “finders fees” involved when working with a mortgage broker. We find that seems to be one of the biggest misconceptions in the public. As mortgage brokers, we qualify many people for a variety of mortgage loan programs based on their financial needs and all of the programs are not offered with just one mortgage lender. J.D. Powers released an interesting article on mortgage brokers.
Mortgage brokers, especially US Mortgage, have a variety of mortgage loan programs available from many different mortgage loan lenders at your fingertips. You do not have to go through the hassle of pre-qualifying for a mortgage loan with a lot of different mortgage lenders just to find out what mortgage loan programs are available.
Working as a mortgage broker, once we take your application we shop your loan with each of the 50 mortgage lenders with whom we work. This allows us to offer many mortgage loan programs: FHA loans, VA loans for Veterans, and a variety of Conventional / Conforming financing, including no money down loans, special mortgage programs for the self-employed home buyers or those with bad credit and many first time home buyer loan programs.
No matter how pristine your credit may be, there are always circumstances where certain mortgage lenders specialize in working with home buyers just like yourself and knowing which mortgage lenders to go to could save you thousands of dollars over the term of the loan or a couple hundred dollars a month. There are mortgage lenders that may credit interest rates by 1/2 point if your credit score is over a 720. There are mortgage lenders who specialize in working with first time home buyers or those that can not or do not want to disclose their income such as self-employed home buyers. We go direct to the lender who offers special rates for your situation. Do not be caught in the trap of dealing with an “every corner bank” assuming you’re getting the best rate and program.