Which is better for VA loan, a mortgage broker or a mortgage lender?
As you can tell, I am a novice on this. After questioning for answers on the differences between a broker and lender, I just gotten more confused. Please help me if you can clarify them, especially, for a VA loan.
Answers:
I would go with a lender. A broker is a middle man and will charge you broker fees which you don't pay cheque a lender. Also a broker is sending out your loan docs to several different lenders. Why not just go direct & let go on the costs- another benefit is you will be dealing direct with the lender who can give you better/quicker info than the broker. Good luck! Source(s): 22 years mortgage lender AND mortgage broker.
VA loans for Veterans offer special incentives to buyers, but any of them do virtually the same thing. Mortgage Broker is basically that, they broker their loans to someone else, a Mortgage lender can hold loans in house, but not many do today.
But don't use a lender that public relations on this venue because it is against the guidelines and if they will break these guidelines, what other rules and guidelines on your loan will they break? Source(s): appraiser/realtor
You will hear copious different opinions on this. Here's what I do know. Most of your larger lending institutions, Bank of America, Wells Fargo, HSBC, etc adjectives have VA programs. Now you could try a smaller regional bank, I assume that they would enjoy a VA program, but I'm not absolutely positive about that. You should know how to walk into any of the larger lenders and discuss their va programs. The typical turn time can be between 30 and 60 days. The problem here is if you go to roomy bank a, and they upset you, you don't click with them, doesn`t matter what and you go to bank b, you start adjectives over with the lending process and you'll get hold of your credit pulled again. If you go to a broker (depending on the state, I might now an ethical broker or you may know some through your networks) the broker does the shopping for you, you supply them near all the information, w-2's, ss number, paystubs, etc and they go to work. Now, broker's claim that your credit just gets pulled once, this is not necessairly true, some lenders will pull credit again for their protection (meaning the broker didnt fudge the credit report) so in that may not be an advantage there, it depends on the lender they use. The processing time for broker's can be smaller amount, I've seen files close in 2 weeks, and broker's can return with better pricing through the wholesale channels, but some sometimes won't as they may not get salaried as much. Whatever you do, get a good principle estimate and shop around, some lenders and brokers will do what they can to be another's offer. Good Luck Source(s): 7 years mortgage industry experience
Mortgage Brokers and Mortgage Lender can be one and impossible to tell apart. You will want to always speak with a mortgage professional who understand VA Loans. These loans are not trivial and require extra paperwork and a VA approved appraisal.
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Answers:
I would go with a lender. A broker is a middle man and will charge you broker fees which you don't pay cheque a lender. Also a broker is sending out your loan docs to several different lenders. Why not just go direct & let go on the costs- another benefit is you will be dealing direct with the lender who can give you better/quicker info than the broker. Good luck! Source(s): 22 years mortgage lender AND mortgage broker.
VA loans for Veterans offer special incentives to buyers, but any of them do virtually the same thing. Mortgage Broker is basically that, they broker their loans to someone else, a Mortgage lender can hold loans in house, but not many do today.
But don't use a lender that public relations on this venue because it is against the guidelines and if they will break these guidelines, what other rules and guidelines on your loan will they break? Source(s): appraiser/realtor
You will hear copious different opinions on this. Here's what I do know. Most of your larger lending institutions, Bank of America, Wells Fargo, HSBC, etc adjectives have VA programs. Now you could try a smaller regional bank, I assume that they would enjoy a VA program, but I'm not absolutely positive about that. You should know how to walk into any of the larger lenders and discuss their va programs. The typical turn time can be between 30 and 60 days. The problem here is if you go to roomy bank a, and they upset you, you don't click with them, doesn`t matter what and you go to bank b, you start adjectives over with the lending process and you'll get hold of your credit pulled again. If you go to a broker (depending on the state, I might now an ethical broker or you may know some through your networks) the broker does the shopping for you, you supply them near all the information, w-2's, ss number, paystubs, etc and they go to work. Now, broker's claim that your credit just gets pulled once, this is not necessairly true, some lenders will pull credit again for their protection (meaning the broker didnt fudge the credit report) so in that may not be an advantage there, it depends on the lender they use. The processing time for broker's can be smaller amount, I've seen files close in 2 weeks, and broker's can return with better pricing through the wholesale channels, but some sometimes won't as they may not get salaried as much. Whatever you do, get a good principle estimate and shop around, some lenders and brokers will do what they can to be another's offer. Good Luck Source(s): 7 years mortgage industry experience
Mortgage Brokers and Mortgage Lender can be one and impossible to tell apart. You will want to always speak with a mortgage professional who understand VA Loans. These loans are not trivial and require extra paperwork and a VA approved appraisal.
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