Michigan Mortgage Broker vs Bank loan Loan Officer

When you are ready to refinance your mortgage loan or buy a home then you must decide if you are going to use a Michigan Mortgage Broker or a bank that does mortgages. While both options may have mortgage professionals, it is important that you understand the differences between the two options.

What is the difference?

A Mortgage Broker is a licensed mortgage professional that offers mortgage loans from multiple banks with several programs including fha mortgage loans, usda rural housing mortgages and of course conventional mortgage loans. A mortgage broker specializes only in mortgages unlike a bank whom divides their time and skills between a variety of products such as savings accounts, car loans, and CD's.

What are the benefits of using a Broker?

Mortgage brokers in Michigan are all licensed by the National Mortgage Licensing System (NMLS) and the state of Michigan. To be a licensed Mortgage Broker you must have taken hours and hours of classes and training and have passed extensive exams to prove your knowledge. In addition to training, they must have at least 3 years of experience directly in the Mortgage Business. A bank loan officer is able to do loans on their first day with no training, licensing or classes. Who would you rather take advice from for your largest investment?

Do they offer the same loans as banks?

These days most mortgage are going to fall into a few categories; FHA mortgage loans, conventional loans and other government programs such as VA loans for Veterans and USDA Rural Housing loans for home owners in rural areas.

FHA mortgage are exactly the same terms from a broker and from banks; the only difference is the interest rates and fees offered and of course if you are able to get approved. Most banks are very strict on their underwriting guidelines whereas a loan broker may have options for Bad Credit Mortgages.

If you are looking to purchase a home or refinance a home loan that you already have, it may be in your best interest to speak with a Riverbank Finance first so you can review loan options at multiple banks and make sure you are getting the best mortgage for you and your family.

If you are ready to get more information on a mortgage call Riverbank today at 1-800-555-2098.