Big Bank vs Small Lender Mortgage

We met with mortgage broker, Jared Halbert. We asked him one single question – Should I use my bank or a mortgage broker for my home loan. Below is the transcript to his response.


That’s a good question, and some of my clients really do lean towards their bank. The reason somebody usually leans towards their bank is because they say, “Well, they have my car loan. They have my bank checking account.”

They have all these loans and they just want to keep it with the same bank. And if that’s the case, if you really are set on just keeping it with the same bank, whatever.

Customer Service

When it comes to the reason someone would want to use a mortgage broker over a bank, number one in my opinion is customer service. When you go to your bank, your bank doesn’t care too much about you. They care about your money, but they don’t care about you personally. They love to give you a sucker when you’re there, but that’s about the extent of their thanking you for spending so much money with them.

So as a mortgage broker, we put a lot of focus on customer service. We only get paid if the loan closes, so a lot of our focus is on the client. And we want to make sure that we get referrals. And so we do our best to make sure that that customer has a great experience from the very beginning, to the very end, to the relationship we create afterwards, and the friendships we create afterwards.

It’s not so much, hey, just come to us and we’ll just get you a loan. No, I’m trying to create a relationship and a friendship.

Speed

The second reason to go to a mortgage broker is for the speed. So when you go to a bank, and again, I’m being general here, but a lot of times if you go to the bank for a mortgage it could take, 45 days is what they quote, 60 days, some cases.

Whereas a mortgage broker, this is all we do. We’re not doing car loans, we’re not doing anything else. We’re just doing mortgages. And so we know the process, we know the ins and outs. And so it’s a lot faster.

Rates & Fees

Third reason, and some people this is the most important, is rates and the fees and the costs.

Typically mortgage brokers are going to have better rates and cheaper fees than your normal bank.

Is it because you have more options?

Yeah, more options. You have people competing for our business. You go to the bank, and they’re selling you that product that bank has. But when you go to a mortgage broker, I have so many lenders that want my business and my client’s business. And so they’re able to offer me lower rates to get my client’s business.

Okay. So then your answer is, yes, you should use a mortgage broker?

My opinion, oh yeah, a hundred percent.

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