Subject: Mortgage Companies vs. Banks

Should you finance a loan through a Mortgage Company or a bank?
Each has its advantages and disadvantages.

Let's look at a quick overview of each to determine which is best.

Banks offer many services from checkings and savings accounts to
retirement and investment accounts and lending.

Loan officers are usually salaried employees that work the typical
Monday through Friday office hours. They process loans using
rigid bank requirements and procedures.

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The many loans they offer all draw from one institution. The
advantage of using a local bank as a lender is that they are 1) local
and the you are able to go into an institution and speak to someone
in person when needed and 2) they are familiar with typical local
housing such as the type of heat local homes use and septic
systems. This can help expedite the loan process much quicker.

The main disadvantage of using a bank as a lender is that making
loans is not the only service they provide so their existence does
not depend on closing loans; therefore they are allowed to be
more reserved and hold higher standards to which they make loans.

Mortgage Companies sole purpose, unlike banks, is to lend.
Mortgage brokers wages come from commission only.

They are not paid salaries so therefore they are much more
flexible with their work hours to accommodate potential borrowers.

They often hold weekend hours and are willing to arrange
appointments at the borrowers convenience.

Mortgage Company loans usually have many sources of lenders and
can usually always match a borrower to a lender, even
borrowers with not so good credit.

Home sales agents often direct their customers to mortgage
companies because it is more likely that the borrower will
receive a loan from a mortgage company than from a bank.

The disadvantage of using a mortgage company is that they are
usually out of state lenders.

There usually is not a local office and sometimes out of state
lenders are not always aware of local housing classifications and
terms. This can sometimes slow the loan process some.

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Whether to use a bank or mortgage company is a buyers preference. A
borrower may want to try to borrow from a bank or credit union in
which they are members of first and then if unsuccessful attempt
to finance a loan through a mortgage company.

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Thank you,

Max Taylor
http://taylor-marketing.blogspot.com