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What is the difference between a mortgage broker and a bank?  There are a few differences between them.  When you apply for a mortgage at a bank, the bank is normally looking to lend you money from their institution.  That bank may have a few options for you based on your credit scoring.  Most banks are also not very flexible if you have had any credit problems in the past, or if you are self employed.  

Mortgage brokers are different from banks because they have access to hundreds of potential lenders, each of them with different loan programs and rates.  Unlike a bank that has one or two programs, the mortgage brokers job is to locate a loan that fits your needs from all the lenders that they work with.  Mortgage brokers also have access to many lenders that can get you a mortgage even when you have been turned down by and bank.

How long will it take me to get a mortgage?  Time periods vary greatly based on the type of  loan that you want, and what your particular situation is.  As a rule you can expect to be able to get a mortgage loan within 20 to 60 days.   Some of the biggest delays in closing a mortgage can occur if your loan officer is unable to get information from you that they need.  If your loan officer has all the information that a lender needs then your approval time, and time to closing will go much faster.  So, be sure to  respond as quick as you can with any information that your loan officer requests of you, and then verify that they have received it. 

What if I have more questions?  The best way to get your questions answered is to actually contact your representative.  Your representative will be happy to answer all your questions and give you valuable advice on how to improve your chances of getting the best mortgage possible.  To contact your representative, click on the "Contact Us" button above, call us, or if the icon below says "click to chat with an agent" you can click that button and chat with us right now.

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