Direct Lenders vs. Brokers vs. Bankers

June 4, 2018 By ,

Myth:

I can only get a mortgage loan from a bank or credit union.

Fact:

You have options!

You get to choose where your mortgage comes from!

A traditional bank or credit union (where your checking account lives) is not the only place you can get a mortgage. We can address the various aspects of your mortgage journey. We will also ensure that your experience is top notch every step of the way.

At Pacific Residential Mortgage, you get the best of all mortgage lending worlds. We are a hybrid of a “Mortgage Banker,” “Direct Lender,” and a “Mortgage Broker,” all in one. This means we have the utmost flexibility to meet borrowers’ needs.

Here’s what you need to know:

  • Direct Lenders – Direct Lenders are approved by one or more of the “agencies” (Fannie Mae, Freddie Mac, HUD, VA, etc.) and can work directly with the borrower. The lender’s in-house expert staff and internal bank approve and fund the loans.  Benefits include: flexible guidelines and terms, as well as direct access to those with answers to your questions.

 

  • Mortgage Bankers – Mortgage Bankers are approved to work with a combination of traditional banks and direct lenders. The lender’s in-house expert staff and internal bank approve and fund the loans. Benefits include: competitive pricing and enhanced guidelines because mortgage bankers don’t have to go to a third party.

 

  • Mortgage Brokers – Mortgage Brokers are also approved to work with a combination of traditional banks and direct lenders.  They act as a middleman who can find rates and programs from other lenders so you only have to go to one place. Benefits include: flexible guidelines and enhanced terms, etc.

As you can see, each lender has advantages. We leverage all of these options to bring borrowers the best customer service experience possible!

Contact us today for answers to your mortgage questions!

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