Answer: Each offer many advantages, but let's first put these in perspective. In the past when you applied for a mortgage, it was assumed you would go to the local bank or savings and loan where you keep your savings and checking accounts. Today, there is a wide range of choices. You also can apply with a mortgage broker, mortgage banker, credit union, professional or trade associations that you belong to, the financial services firm that manages your mutual fund investment account, state and regional housing agencies, a private home financing company or even the seller.

 

Let's begin by understanding some terms. Mortgage Bankers provide the funds at the closing table. Although they may (and usually do) sell the loan to an investor for servicing, they underwrite and fund the loans themselves. This control offers flexibility that can avoid delays at closing. Although some Mortgage Bankers represent only one bank (usually their namesake), many today are approved to fund loans for several of the larger banks. Often the best rates are made available to the Mortgage Bankers or "correspondent" lenders.

 

Mortgage Brokers don't bring their own funds to the closing table and they don't underwrite their loans. They establish relationships with a pool of lenders that approve their loans and provide funds for closing. The advantage Brokers offer is they can shop many (sometimes hundreds) of lenders to find the best program or rate available. Often the more creative programs are only offered only on a Broker basis.

 

We at Rainier Mortgage & PRIVATE LENDING SERVICES are part of the new breed of hybrid lenders: we offer our clients both Mortgage Banking and Mortgage Broker services. As Mortgage Bankers we offer competitive rates, confidential one-to-one personal service with fast approvals in-house underwriting, and local funding. As Mortgage Brokers we have access to thousands of specialized mortgage programs for that unique property or solution.

 

To learn more about how this flexibility can help you, give us a call or click here to send us an e-mail. Give yourself every advantage the marketplace has to offer.