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When looking for a mortgage is it better to use a mortgage broker? Or a mortgage lender? When I started in the mortgage industry in 1996, the perception was if you had bad credit you needed a mortgage broker; if you had good credit you needed a mortgage lender. This is not the case any more. Now everyone should be using a mortgage broker and not a mortgage lender. Let me explain... It used to be the neighborhood bank was your friend. You went there when you needed help and your credit was based on how you paid them. That is not the way it is anymore! You are just a number to your bank and if you don't fit into their "box" they won't help you out. The idea of a neighborhood bank just doesn't exist anymore. Instead now we have these huge corporate banks, and as you know, corporations are designed to make maximum profits for their shareholders. The best reason to use a mortgage broker instead of a mortgage lender is complete disclosure. Mortgage brokers are required to disclose all fees to their clients. This is not the case with mortgage lenders. Mortgage lenders make their profits on rate and give you higher rates than what you qualified for. This is called "back end money" and it costs you tens of thousands of dollars over the life of the loan. When working with Primary Mortgage you will receive complete disclosures upon application and we never charge "back end money" so you get the interest rate you deserve.
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