Mortgage Bankers
If you consider the largest mortgage bankers, such as Countrywide or Wells Fargo, for the mortgage contract of your house, you may benefit from numerous advantages.
Indeed larger mortgage bankers tend to better promote special first time buyer programs, cooperating with states and local governments. These programs will have slightly lower interest rates and costs than the current market rate. Larger mortgage bankers tend to be more competitive than other lender. If you are a first time buyer you might look to mortgage banker in your neighborhood. In order to qualify for these programs, your income must usually be below a median average for the area and you must not have owned your residence for the last three years.
If their size allows them to be more competitive, mortgage bankers may also have problems just because they are "too big" or they may operate like well oiled machines. The quality of service, the usefulness of advice or the following of your file will mainly depend on the branch or office you deal with.
Contrary to a mortgage broker, mortgage bankers are sometimes more skilled at some of the intricacies involved by the application for an FHA or VA loan. For example, the tract you are buying in may not be "approved" by FHA or VA. Mortgage bankers often have more ability in getting it approved than would a small mortgage broker. If you are applying for an FHA or VA, just think mortgage banker. You will save time and money.
In the case that your home loan is declined, for any reason, many mortgage bankers allow their loan officers to broker the loan to another institution. However, because your loan officer is “so used to promoting his own company's product”, he often loses track of the niches offered by certain other wholesale lenders. You may not end up with the best solution for your mortgage. If you are in this case you should look for another lender.
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