If you want to buy a home in 2019, this news is for you!
Earlier this week, the top wholesale mortgage lender in the United States announced that they are dropping their interest rates to unprecedented lows with the new Bank Buster program!
What does this mean?!!?
The insider secret is that they are giving mortgage brokers loans at $0 upfront profit to themselves in order to scoop up a bigger share of the market. That’s right…
They are at war with the banks! Perfect timing, too, because more and more people are discovering that they can get better interest rates, faster closing, and better service with much less stress when they go with a mortgage broker.
A mortgage broker shops wholesale lenders to get you the best loan.
A direct lender or a bank has only their own loans.
Banks are great for checking accounts. But come on, they cannot compete with a mortgage broker who specializes in only one thing: mortgage loans. Here’s what I’m talking about…
- Mortgage brokers close loans faster. For example, as a broker, I closed loans that were a “rush request” in only two weeks — from application to closing! I’ve never heard of a bank doing that. They usually take a month or more to close.
- A mortgage broker meticulously manages your loan from start to finish. They don’t pass it off to a team member and then focus on getting the next application in line.
- Mortgage brokers have more loan choices and are not limited to the bank’s limited portfolio of loans.
- Loan officers at banks are not required to take the 20-hour training and pass a vigorous test. Nor are they required to get a background check, fingerprinting, and get licensed. Therefore, they do not have the same expertise. Truth is, there are loan officers who are guilty of fraud hiding in banks.
If you want the best steak, go to a steak house.
If you want the best Chinese food, go to a Chinese restaurant.
If you want the best mortgage, go to a mortgage broker.
It makes sense! And now, with the new Bank Buster* program, watch out! Because if you’re not checking with your mortgage broker, you could very well be setting yourself up for higher pricing, more stress, and a longer closing time.
FACT: A mortgage broker is required by law to get you the best loan at the lowest interest rate they can. That is not true for direct lenders, credit unions, or banks.
* This new super low interest rate loan program requires a credit score of 640. If your score is 639 or lower, here are two resources for do-it-yourself credit improvement. Both books are available on Amazon.
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I am a licensed in Washington and California, NMLS # 1284134.