Why Use a Broker instead of a Bank for your home loan?

Steve Knox

Did you know that banks send us rate sheets that have lower (wholesale) rates than their own retail rates? Why? Since they are competing for us to direct the loan to their bank lines – and because they are not paying the broker a salary and benefits – they still make a fair profit even though we are able to in most cases offer a lower interest rate. We can broker your loan to your bank and give you a better rate and lower fees.

Independent mortgage brokers have had a significant positive impact on the lending industry. Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers.

What is a Mortgage Broker?

A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also an independent contractor working with (on average) as many as 40 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.

What Do Mortgage Brokers Do?

In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker’s most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions for possible breakdowns. A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.

Brokers Handle the Details!

There are literally thousands of variables that can affect the outcome of your mortgage transaction. That’s why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.

What will Columbia Funding Mortgage do for you?

• Discuss and explain financing program options

• Inform you, in writing, of lock-in options

• Explain all documents of the loan application

• Explain all associated costs of the loan application

• Explain the disbursement of all loan applications

• Explain the loan process, from application to closing

• Provide you with a good faith estimate of cost and fees

• Communicate with you throughout the loan process in a timely manner

• Coordinate the final closing of your transaction

Columbia Funding Mortgage Service Commitment

• We will treat you with respect

• We will give you the information you need to make an informed loan decision

• We will patiently answer all of your questions

• We will regularly provide you with loan status updates

• We will return your telephone calls or other information inquiries in a timely manner

• We will always be honest with you

• After your loan closes our relationship with you is just beginning. We want you to consider us your loan advisor for life and call upon us anytime you have a question related to mortgage financing.