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Big Bank vs Mortgage Broker vs a Direct Lender – What’s the difference?
Jeb Smith of Coldwell Banker Residential Brokerage in Huntington Beach and Josh Lewis of Buywise Mortgage in Huntington Beach discuss the differences in a Broker versus a Direct Lender.
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What is a Mortgage Broker?
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products
What is a Direct Lender?
A direct lender is a financial institution that offers mortgages. Most are banks or savings and loan associations
Is it better to use a Direct Lender or a Broker?
Josh discusses how Direct Lenders use to operate versus how they operate today and how working with a Broker could not only give you more options to different loan products but how they also have access to more loan products than your typical Big Bank or Credit Union.
What are the differences?
The biggest differences are the following:
1. Mortgage Brokers have access to more than just 1 lender which could be better interest rates
2. Mortgage Brokers have access to various loan products that your typical banks may not offer like asset based programs, stated income programs and bank statement programs
3. Big Banks and Credit Unions only offer their products and generally can’t go outside the box.
NMLS: 234220 | CA DRE: 01209148
BuyWise Mortgage | BuyWiseMortgage.com
2130 Main Street, Suite 290
Huntington Beach, CA 92648
NMLS ID: 1514000 | CA BRE: 01871660
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