Marquee Madness: Broker VS. Banker

If you’re happy spending thousands of dollars needlessly to obtain your next mortgage, then stop reading now.

For the discriminating borrower, it’s common knowledge by now that using a broker to obtain your next mortgage will save you thousands of dollars in closing costs. A mortgage broker is typically approved with several different wholesale mortgage lenders and because of this, they cannot only shop for the lowest closing cost, but can also find you the lowest possible rate on any given day. These wholesale mortgage lenders are aggressivly competing for the mortgage broker’s business and will reduce interest rates in order to obtain their loans. This lower rate is passed on to the buyer.

Another significant advantage that mortgage brokers have over direct lenders is flexibility. Because the mortgage broker does business with several wholesale lenders they can determine which of these lenders have the most flexible and aggressive mortgage guidelines. Our 2 owners have more than 80 years of experience in the mortgage business. They are experts at structuring challenging loans in order to obtain the best possible loan approval. This advantage cannot be overstated and could make the difference in the borrower qualifying for their mortgage.

*Marquee Mortgage LLC, is an independent, full service broker specializing in purchase money loans, refinances and creative lending solutions.

Broker Advantages

  • Mortgage brokers are approved with multiple lenders, which increases loan options for potential clients
  • Since brokers are approved with multiple lenders, they have the freedom to shop for the best rate which will mean a lower monthly payment for their borrower
  • Marquee’s experience regarding underwriting guideline nuance is a huge advantage for all our borrowers. This often can be the difference between loan approval or denial.
  • Finally, a Mortgage broker works for YOU (the borrower, not the lender)

Banker Disadvantages

  • A banker is LIMITED to just the loans the bank offers
  • Mortgage bankers and direct lenders only have one rate sheet to offer their borrowers
  • With Mortgage bankers and direct lenders, underwriting guidelines are often more rigid and less flexible
  • Mortgage bankers work for the bank, NOT for you

In conclusion, working with a mortgage broker should save you time, money and effort. Talk is cheap, please see what previous borrowers have said about Marquee Mortgage. Click on the images below.