Parker Mortgage Tip: Use a Bank or Broker for your next colorado home loan? (Summary)

In today’s Parker Mortgage Tip, we will summarize the differences between a Loan Officer from a Bank and Colorado Mortgage Brokers.   If you are not aware of the impact that they may have when you get your next mortgage Parker Colorado or Colorado home loan, it may cost you tens of thousands of dollars.  I would like for you to be armed with the right information. 

There are Four Major Differences:

•  Compensation:  Bank/Credit Union Loan Officers are paid a salary and Colorado Mortgage Brokers are typically “Commissioned”.  By itself, neither is bad.  However Banks would like for you to think that you can get an unbiased Parker mortgage or Colorado home loan from them.  Banks spend a lot money conveying this message which isn’t necessarily true.

• Loan Programs:  Banks have limited mortgage programs and Colorado Mortgage Brokers have a lot more loan programs available to them since they have numerous lenders to choose from.  It’s important for you to have ability to get the “Right” mortgage Parker Colorado or Colorado home loan.  You don’t want to get the “Wrong” home loan from the Bank just because that was all they had available. 

• Interest Rates:  As I said above, “Compensation” by itself is neither good nor bad.  However when you put combine all the money that the Banks have to pay their staff and all of the other expensive overhead costs, you are more likely to get a higher interest rate.  You don’t want to become a victim by paying higher interest rates on your Parker mortgage or Colorado home loan.   Again, Colorado Mortgage Brokers have very little overhead so we can normally provide you with a much lower rate on your mortgage Parker Colorado.  Makes sense, doesn’t it? 

• Qualifications:  Banks/Credit Unions have their own standards.  They can hire “Anyone”.  However with Colorado Mortgage Brokers, we have to meet all the Colorado DORA’s Division of Real Estate mortgage broker licensing requirements.   I personally believe that we are much better qualified to advise you on your Parker mortgage or Colorado home loan.  We have proven our competence whereas Loan Officers haven’t. 

How does all this save you from needlessly spending tens of thousands of dollars on a mortgage Parker Colorado?   If you get the “wrong” loan program because it wasn’t available at the Bank and/or the Loan Officer wasn’t trained/qualified to properly advise you and/or you get a higher interest rate due to their expensive overhead costs, you may pay for it for many years.   Just ask all the home owners who got a “Bad” loan and who are now in foreclosure.   You don’t want to be a victim. 

The next time when you go to get a mortgage Parker Colorado or a Colorado home loan ask yourself, “Do you want to get it from a unlicensed, probably a young, minimum waged Bank Loan Officer who can only offer you their few loan programs which may or may not be “Right” for you and at a Higher interest rate?”   I think I know your answer.   I want you to get the “Right” Parker mortgage or a Colorado home loan from Colorado Mortgage Brokers. 

The next Parker Mortgage Tip will address things you should ask Colorado Mortgage Brokers when you shop for your next mortgage Parker Colorado or Colorado home loan.