David Saks: August 2008

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

23 Procedures For Buying A New Home : #2 Get Referred To A Mortgage Company

                                  2

Your client could really either deal with a broker or a banker. It's really up to them.

The local bank is usually what we would call a direct lender.  They offer their own specific loan programs established for people with average or better credit. 


The local bank can offer competitive interest rates, and the borrower also has the convenience of having a local branch near their home to make their payments at.

Mortgage Broker's, on the other hand, are independent businesses set up to create and
develop relationships with many banks.  It's not unusual for Mortgage Brokers to sign up
with as many as 30 to 50 different lenders, offering lots of loan
products with an assortment of rates and options. 

The mortgage broker doesn't make their money off of the interest from the monthly payments like the lenders. The mortgage brokers make their money off of individual transactions. Mortgage brokers are "sold" interest rates at wholesale prices so they can make individula loans. When interest rates start to rise to the currently exisiting market rates the lenders will pay brokers to place loans with them instead of competitors. Mortgage brokers can also collect points amounting to percentages of a loan taken out by the borrower.

The choice is the borrowers.

Ain't that right, Vern.... :-)

Next : Get Pre-Qualified / Pre-Approved For A Loan




David Saks



Time&Temp Memphis

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