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Find You a Niche or Force You Into One? – Banks vs Mortgage Brokers

One of the results of the home price, mortgage and foreclosure crisis is fewer lenders.  There are also fewer loan products, with the stated income loan gone, as well as other financing options offered before 2007.  Another result is the concentrated effort of larger banks to make loans directly to the consumer.  While this may cut the upfront cost of a mortgage, that isn't always the case.  What is does do is present the consumer with a structured and generally rigid set of requirements.  Rates are what they are for that institution at that time, and the loan products and requirements are presented with the goal of fitting the borrower to the loan.  If the borrower has unique economic, career or other characteristics that do not fit the portfolio of loan products offered, they're just sent away.

Contrasting a mortgage broker, we find a business that isn't working with just one resource.  True, they're also working with some of the same banks a consumer could approach directly.  But, we're working with several of them.  And, we're also working with other lending sources with different requirements and loan products.  The same logic and market forces that brought about mortgage brokerages in the first place still apply.  There are multiple sources for mortgage loans.  The consumer can approach several of them, research their offerings and requirements, and maybe even apply to more than one source.  Or, one mortgage broker can outline for the consumer the options, products and requirements of several lending sources, and find the best fit for that consumer.

Let us roll out your options, contrast them, and find a niche for you.


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