There are 3 sources of financing for residential financing that consumers have to choose from:
- Banks- Uses their own funds, large cumbersome, the contact point has no influence over the outcome of the loan. Their rates and costs for those rates are typically higher due to large overhead. And they only have access to their rates. High advertising expenses. Most name recognition.
- Mortgage Banker- Use warehouse lines of credit to fund, have their own underwriting staff and funders, have high overhead and can sell to multiple banks. Rates are higher than brokers due to overhead and risk exposure.
- Wholesale mortgage Broker- Uses any bank that has a relationship with, can shop for rates and fees. Has little to no overhead, underwrite takes place with the wholesale lender. More flexible products because can use a multitude of lenders.
Mortgage Solutions LLC is a Wholesale Mortgage Broker. We are not unlike an independent insurance agency that uses many different sources of to write insurance. And like an independent insurance company we can move from one bank to another based on rates/fees and or program guidelines. This means we’re always competitive. I have worked in the lending industry for 18 years, and have worked in all 3 environments. Based on my experience a Mortgage Broker has the ability to give the absolute most competitive rates, service and product flexibility. This ensures a happier outcome for my clients.
Reviews from prior transactions can be seen on Zillow @ https://www.zillow.com/lenderprofile/kevin4465/