Do I own to move about through my mortgage company for a home equity loan, or do I hold to travel though a wall?
Answers:
you dont own to..but you might want to see what they could offer since you already have the mortgage next to them..also check out what your bank has to proffer
You can be in motion to either one. These are the differences between the two:
Bank: They require a high rack up (usually a 700 or better) and have about 30 different programs.
Mortgage Broker: Works near anywhere from 30 to 60 different banks and work with adjectives types of credit scores (Usually as low at 560 depending on the LTV). You figure respectively bank has roughly 30 different programs so with a Mortgage Broker you have hundreds more option then you do with a Bank.
Good Luck! Source(s): I'm a Licensed Mortgage Broker & Mortgage Loan Processor & own a R.E Investment Company. Close to 9 yrs of exp.
I don't recommend working with professionals or companies whose email addresses pause with a free email service provider (very little credibility). For example (a)yahoo.com: (a)msn.com: (a)hotmail.com, etc.... You can go through any or. Honestly, for a home equity line of credit, if your credit is over 700, then you will go and get about the same concord whichever you choose. If your score is below 700 then you may be better bad going with a mortgage company/broker. They will be able to find more option for you in that case. Check out the links below for more information. Source(s): http://www.gofirstsecurity.com/Ohio/home… (home equity lines of credit information)
http://www.fshomeloan.com/content/banks_… (bank versus mortgage broker information)
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