Should i use my bank or a mortgage broker? | mortgage broker vs bank
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- เผยแพร่เมื่อ 1 ต.ค. 2020
- Mortgage broker vs bank. In this video I talk about whether someone should use their bank or a mortgage broker. Should I use my bank or a mortgage broker is a common question for me . I talk about mortgage broker vs bank and the pros and cons to each when it comes to mortgage loans. Each outfit has different mortgage rates, they have different loan products, and they have difference guidelines and processes. A loan originator/loan officer at a bank will have different products and guidelines than a mortgage broker and in most cases has to abide by some antiquated processes most banks use to process loans. Not only do brokers have the ability to shop multiple mortgage lenders for the best rates and terms, they also shop multiple wholesale mortgage lenders to find who is able to close the fastest and with the smoothest process. In order to be as unbiased as possible I provided a few scenarios where a bank would be the best option.
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Thanks for the insight Matt. 👍
Thanks Jan!
Thank you! Useful advice!
Thanks for watching!
Great video. Thanks Matt! I really appreciate you brother!
Thanks!!
I re-watch your video 2 years later, I still enjoy every bit of your video.
Awesome! Thank you so much for the support!
Thanks Matt for another great video!
Thanks Catherine! Appreciate you!
Thanks Matt great video
Thanks Mike!
Super helpful video. Thanks!
Glad it was helpful! Thanks for watching!
Great video! Keep making great videos like this to assist people through this process
Thanks, will do!
Thanks man!!
You bet!
Great advice!
Glad it was helpful!
Great job
Thanks !!
great content!
Thanks for watching! Let me know if there are any topics you want to see. I’m in content creation mode!
I love your video intro.and the music Please don’t change this one lol
Noted 👍🏻😁
Hi Matt, Debt to Income issue has been an obstacle when dealing with banks for investment property deals. Would going through a mortgage broker be easier? Does a broker have same rules for debt to income?
I am a mortgage broker in Canada. Great video, pros and cons are well said!
Thanks Amy! IS the market in Canada as crazy as it is in the US right now?
@@MattTheMortgageGuy It is also crazy in Canada. Buyers are in bidding wars again.
@@amyvancouvermortgagebroker - tough time to be a buyer
Doing a loan now... only difference i see is that there's no broker fee going directly with the bank. That's a few thousand saved at closing.
You're likely not looking at whole picture. Wholesale lenders on average are $9,000+ BETTER on pricing
@@MattTheMortgageGuy I thought the same but even with some deliberate confusion on the lenders part, I got all the loan offers at the similar rate. The fee was the only significant difference.
Thank you for this Matt....can you talk about loan servicing when a mortgage is sold? and do you serve Maryland?
Hey Janine, I’m only in CA for now.
Do you have specific questions about servicing? Most lenders transfer servicing. It’s basically just collecting payments and bookkeeping so shouldn’t matter who is doing it.
@@MattTheMortgageGuy Thank you Matt....I read where doing bi-weekly mortgage payments may not have the intended affect if the servicer of your loan is simply holding the payments to make one monthly payment to the mortgage holder. So I just wondered whether its beneficial to go with a mortgage company that doesn't service their own loans. I also wondered what happens servicing-wise when your loan is sold on the secondary market. Who decides how it will get serviced? Does the servicer change each time the loan gets sold? Hope my questions make sense and thank you very much for responding.
Going thru same situation. Bank or loan officer/broker. Broker fee is 2k which he will include in the loan I believe that's how he put it. This is for a refinance. Unsure about the bank fee.
Get both estimates and compare - use this video for how to compare :
th-cam.com/video/RVO-Oy0WwAg/w-d-xo.html
I understood your philosophy, but why put down us new loan officers who are working really hard to get their business off the ground
Did I talk smack about new loan officers? Made this a few years ago so I honestly don’t remember. If so I apologize. It’s a tough time to get started so if you are out there working hard to get the ball rolling I wish you the best. Reach out if you want to chat about generating business. Cheers!
Hey man love your content. My wife and I are 1099 and do descently well…come tax season though we are experts at looking small. Great on the tax side of things not so much for getting a mortgage. We live in Iowa…any suggestions on a good mortgage broker? TIA
Thanks Josh! With a great accountant and small bottom line you are going to have a hard time. Fill out form here and someone will contact you with advice: www.greatmortgagebroker.com/
I have heard that mortgage brokers tend to sell your mortgage to other vendors relatively fast.My friend had his mortgage provider switched over 4 times in a year causing minor increases but it made tax season an absolute nightmare. Can you elaborate on why this might be done and what the problem created during tax season becomes?
4 times in a year sounds like a crazy unusual case. Most brokers sell to servicers or sub servicers that hold onto the loan for years. Just about EVERY type of lender will sell servicing since they cant service them all. (Especially in times of so many loans.)
What’s your thoughts on using credit unions. How do credit unions compare with brokers and banks
The pricing is usually pretty close but the process is going to be longer and they have more antiquated systems like banks from what I have seen/heard. A broker or direct lender who ONLY does mortgage is generally the best place to get a mortgage
Hey Matt! Do you personally know any mortgage brokers who specialize in VA loans in NE Florida? I'm decently qualified, but I'm doing down payment assistance through a state sponsored program which lenders have to qualify to be a part of.
Shoot me email to team@mtmg.com and I'll see if my Florida branch is qualified. Cheers!
The mortgage broker fee is so outrageous when we applied for refinancing . Broker fee is $5k+ and the highest APR and still interest rate with direct lender and credit union is the same. Is this normal to have charge a broker fee aside from lender & origination fees?
musiclover78able - that’s definitely not normal. Send me a copy of the estimate to matt@mattthemortgageguy.com - I’ll see what the issue is. Most Brokers don’t charge broker fees
We were about to go with a company in which the broker fee was going to be 8-9K
When a mortgage broker is running your credit, will all the inquiries pop up of the banks you're shopping to or will it just show as one inquiry through the mortgage broker?
Great question- just 1 credit pull and the broker uses that same report to go shop your loan. Thanks for asking!
@@MattTheMortgageGuy Its considered one pull no matter how many mortgage applications you fill out in 45 days.
Hi Matt,
I forgot to ask you. Do you know any good realtor that can help me find my special home in NJ?
sure, ping me at www.greatmortgagebroker.com/
Find a local realor with this link: homeandmoney.com/matt/
Hello, GREAT GREAT CHANNEL!! I own my home and want to get some funding for it. I also gutted one floor so I know when an appraiser comes through, the will suggest an FHA loan. What can you suggest and should I get a mortgage broker for this deal?
Thanks for the kind words! Much appreciated! I would certainly contact a local mortgage broker and get some advice that is based on your specific scenario and location. You can fill out a lead form on my website (MattTheMortgageGuy.com) and I will connect you to a great broker in your state. Cheers!
I definitely filled out the form
Do you take direct phone calls?
@@tcewmg3430 - happy to book a call but much better to connect you with a broker in NY who is able to write a loan for you. I know some GREAT brokers in NY and I am only personally licensed in CA
Hey Matt what kind of information do I need to gather to take to a broker?
job history, 2 years of w2s, 30 days of paystubs, last 30-60 days of bank statements, copy of ID.
Connect with my team here: www.greatmortgagebroker.com/
Hello Matt what’s is the normal cost for refinance ?
Hey Armando
We usually see between $2500-$3000 in true costs on most refinances (loan costs consist of lender fees + title fees)
Almost always the client decides to roll those costs into the new loan along with costs to set up new escrow account
Thanks!
No problem!
Can you recommend someone in Atlanta, GA?
I’ve got a GREAT TEAM in ATL! Fill out form here : greatmortgagebroker.com
Do you help people out of state?
yep, we are nationwide! greatmortgagebroker.com/
In 2021 banks stop from taking jumbo loans. Let me know if I am wrong
Wrong. Banks are a pain in the a$$ though. :)
Hi Matt I’m from NYC, the broker I’m working with is lending form United wholesale mortgage. Do you recommend them? they seem to have good reviews.
United Wholesale Mortgage is the #1 wholesale lender for good reason. Great company, great processes, great terms for the consumer. You’re in good hands 😁
Thank you Matt for the quick response, I was wondering whether to go with them or my my bank BOA. Also this might be a really dumb question sorry I’m a first time buyer, my mortgage payments if I do decide with UWM, will be written to UWM or they sell my loan to some other bank? Thanks
@@GreaseMonkChronicles - 8 days a week (twice on Sunday’s) you’ll want to use UWM over BofA!
In regards to servicing it’s likely your loan servicing will land with a sub-servicer of UWM. They all do a great job (it’s just collecting payments) so I wouldn’t worry about that aspect of the loan
Thank you again. I really feel confident about going with UWM now.👍👍
Hey Matt so my broker got a better deal with loan depot, is this company any good? They don’t seem to have good reviews. Please help, at this point I’m thinking maybe switch to a different broker
I've had a financial relationship with my credit union for over 20-years. Guess who I trust more?
They charge you more and move slower. I guess they've earned that over 20yrs. cheers!
@@MattTheMortgageGuy that was epic for a response 😂😂😂😂😂
@@MattTheMortgageGuy You are so bias. I just saw a prior comment of yours and you were saying credit unions and mortgage brokers are similarly priced but mortgage brokers are just faster. Now you are contradicting yourself but I'm not surprised
How about if I am an investor. No job but I have money in the stock market?
unfortunately you can't qualify for conventional lending without any income. do you have a significant amount invested that pays dividends?
@@MattTheMortgageGuy I currently have a 6 figure job but by next January I won't have my job. I want to quite. If I quite before I buy a house, would that affect my chances of getting a mortgage next year. I have significant investment that could possibly buy a house cash but I don't want that.
What about if you have a 820 credit score with 200k down? Does it matter if I go to a bank or a broker?
Broker = faster, smoother, cheaper. If thats important to you then YES, it matters
@@MattTheMortgageGuy I’m curious I have $90000 for down payment and I make about $37000 a year with a credit score 825 how much mortgage do you think I can Pre-approved for a $400k pre construction condos ? I save like $1670 a month and I am 24 years old I really wanna get into the market
Hi Matt I want to buy a house I have 40k in the bank but I paid off a chp 13 in 2020 all payments were on time I make 53k a year and have a low DTI but with prices so high I dont feel like I'll qualify for enough my wife and I just had a kid and need a 3 bed house what sucks is we live in utah
Hey guy, one year out of BK you’d be able to do FHA. Congrats on the kiddo! Even if you feel it’s out of reach I’d still recommend getting pre-approved.
Our team in Utah is top notch.
Fill out quick form and I’ll connect you
Http://greatmortgagebroker.com
Who does your 560 fico score loans?
EPM
Whats stopping me from getting a house is my poor credit i been saving alot of money but credit is whats stopping me any tips for ppl like me ?
you've got to improve your credit. number of ways to do that and bunch of great info online to help you improve it over time.
How does a broker get paid?
The lender that the send the loan to pays the broker. 😁 - just like a bank loan officer gets paid from the bank where they send the loan
If you have a bad broker, your loan could be denied 5 times. They will sent to 5 different lenders and all 5 of them denied you!
If a loan is denied by 5 wholesale lenders there is a 0.00% chance a bank would touch it with a 10 foot pole. Not sure I understand what point you are making but honestly curious to hear.
How to find a mortgage broker in my area ??
I'd personally do an online search for great reviews. Or you can check out findamortgagebroker.com
@@MattTheMortgageGuy And how do you find these reviews?
@@pardelatinos463 - Google search name and company, if 0 reviews online they have no reputation to protect
Too much echo.....Please use a collar microphone or a Bluetooth headset.
Thanks for feedback, Check out my newest videos and let me know if better.
If I had great credit can I get a Mortgage loan with fake documents? I'm dead ass serious
You have really nice lips 😊 thanks for the info 👌🏼
Glad it was helpful!
What’s the cost for a mortgage broker.
Buyer doesn’t pay anything. The broker gets paid from the lender they send the loan to. 😉
The back ground music is so distracting it's hard to concentrate on what you're saying
i've corrected since then. i agree, super distracting
Do you offer heloc?
Kumar Kumar - best bet for HELOC is small bank or credit union
th-cam.com/video/8CN3mHrI34o/w-d-xo.html
Matt the Mortgage Guy Thank you!
Kumar Kumar - no problem 🤙🏻
Brokers Are Better!
Yes sir!!
Bro your soccer pictures are crooked
Baseball homie 🤙🏼
There are some slimey brokers out there. There was one who tried to rip me off for about $10,000!! Read your contracts folks, don’t feel rushed
Hey Matt, I am seeing your TH-cam videos and I like them, maybe you can help me, I went through 2 main mortgage companies one said my income was too low so I add a co-bower and the other one said I had a NOD filed on my property I'd like to talk to you on the phone I am in Calif. West Covina can I call you
Just saw this! Feel free to connect with team at www.greatmortgagebroker.com/
Looking for a mortgage broker in your city! We're NATIONWIDE NOW! www.greatmortgagebroker.com/
Connect with a real estate agent in your area here: homeandmoney.com/matt/