These days, a buyer’s biggest concern shouldn’t be so much about finding the lowest interest rate, but finding a lender who will approve their application and give them good customer service. There are two basic types of mortgage providers.
Banks generally employ their own underwriters and provide loans with their own money. They often have mortgage products matched to a particular situation, such as new construction. Minimum credit score requirement may vary from bank to bank.
Mortgage Brokers work on a commission and make a bit more than bankers, but their business can be highly regulated and transparent. They prepare your application file and present it to several banks or investors when they are looking for someone to purchase the loan. Involving a third party may take more time, of course, and since they have higher credit score requirements, you probably won’t want to shop for a broker if your credit score is below 620.
You need to assess your financial position and your needs, and speak with your experienced, local Realtor about which lender best suits your situation.
Contact the Kathy Henne Team RE/MAX FINEST by calling (937) 778-3961.
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