Posted on November 10, 2010.
"Imagine you want to arrange a mortgage is your first house purchase. You Need $ 200,000.00 Find the Best rates and terms available from Three Different types of lenders Such as a mortgage broker a major bank and a banking company Such as president choice. Describe The Advantage and Disadvantages of Each and choose The Best One. "
Luis Ryden says...
you can get into all kind of variables in the loan business. What you are attempting to do is almost impossible to do.
You are the one getting the loan. Which of the three do you feel comfortable with?Which is charging you less for the loan? Which has the best rate? Can you make the mortgage payments with ease? Did either give you a pre-approval?
The reasons it is difficult to tell you about the various mortgages is because one could be charging a processing fee while another is charging a lender's fee.
One loan could be a no points no fee loan and this loan is costing you a .125, while the other is charging one point, but you can deduct the point off you income tax at the end of the tax year.
So as you can see it boils down to the APR and which ever is the cheapest. One might offer better service. or be closer to where you live.
You are not gonna save that much if the difference is .125 or .25.
What we are trying to tell you is that without the entire loan amount, interest rate, closing cost we are not able to separate the three.
Your best bet is the mortgage broker, he has more underwriters underwriting his loans. He also have more programs, he just might have your major bank and banking company with the president Choice program.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Posted on November 13, 2010
