This blog is intended to answer your questions. Please feel free to leave a comment with your questions. Do you have questions about the difference between an ARM and a fixed rate? Do you want to know about Yield Spread Premium? What exactly is APR? These are the questions we would like to answer for you in an honest manner.
Please let us know if there is anything we can help you understand in this volatile market.
Links of Interest
About Me
- Kessler Mortgage
- Created for you. Please feel free to ask any question about the mortgage broker business
Our Office is here to help you. Call Kevin, Donald, Eddie, or Christine. 888-384-3006
Pros and Cons
Pros of working directly with a bank:
- Building off existing relationship (discounts)
- Better rates in some cases
- Ability to add mortgage to existing banking profile and make automatic payments from existing accounts
Pros of working with a mortgage broker:
- They do the legwork for you, comparing the wholesale rates of a large number of banks and lenders
- Wholesale interest rates can be lower than retail (bank) interest rates
- Brokers must disclose the yield-spread premium
- Can finance tricky deals
- Are easier to get in contact with, less bureaucratic
Cons of working with a bank:
- Conservative loan programs
- Do not disclose the Yield Spread Premium
- Lengthy process, very bureaucratic
- False promises
- They make mistakes
- May overcharge you
Cons of working with a mortgage broker:
- They make mistakes
- May overcharge you
- False promises
- Incompetence (poorly educated in some cases)
- May not have access to programs with select banks
- Building off existing relationship (discounts)
- Better rates in some cases
- Ability to add mortgage to existing banking profile and make automatic payments from existing accounts
Pros of working with a mortgage broker:
- They do the legwork for you, comparing the wholesale rates of a large number of banks and lenders
- Wholesale interest rates can be lower than retail (bank) interest rates
- Brokers must disclose the yield-spread premium
- Can finance tricky deals
- Are easier to get in contact with, less bureaucratic
Cons of working with a bank:
- Conservative loan programs
- Do not disclose the Yield Spread Premium
- Lengthy process, very bureaucratic
- False promises
- They make mistakes
- May overcharge you
Cons of working with a mortgage broker:
- They make mistakes
- May overcharge you
- False promises
- Incompetence (poorly educated in some cases)
- May not have access to programs with select banks
Please feel free to comment or ask a question. Visit us at our website for more info: www.kesslermortgage.com
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