What’s the difference between working with a mortgage broker and a mortgage bank? A mortgage broker offers several important advantages, including saving you money.
In this episode of The Peter Dellane Mortgage Show, Craig Reynolds and I discuss the differences of working a mortgage broker and a mortgage bank and why working with a broker offers several important advantages.
For your convenience, here are the time-stamped highlights of our discussion:
(0:24) The difference between a mortgage broker and a mortgage bank is we have several different banks we work with, so when we’re taking a loan application, we’re eliminating the banks we’re going to deal with because banks have certain overlays. Our job as a mortgage broker is to find the best product and price for our client.
(2:00) Last year, we average $4,700 less cash to close than a retail bank.
(6:06) The little things we do increase the income per hour of the Realtors we work with and allow them to present better opportunities to their buyers.
(7:22) Our state-of-the-art communication system keeps our clients and Realtors in the loop through every step of the mortgage process.
(8:06) Not closing on time is one of the biggest complaints we get from Realtors, but we’ve never missed a closing.
(13:29) One of the things that has changed a lot of Realtors’ business is a personal note card. Writing personal note cards to clients, customers, and other people you come in contact with can increase your business substantially.
To see our full discussion, watch the video in it’s entirety. If you have any questions about the mortgage process, don’t hesitate to reach out to us. We’d be happy to help.
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