Bankrate published an article in 2015 around the topic of Mortgage Broker versus Banker and which one is better for the consumer. After hearing from both sides, readers were asked to choose which they would prefer if they were in the market to buy or refinance a home.
The reader poll results were heavily in favor of the Mortgage Broker. Over 90% of readers said they would choose a Mortgage Broker over a Mortgage Banker.
What makes this study interesting is that approximately 10% of providers in Oregon and Washington are “True” Mortgage Brokers, leaving the other 90% Mortgage Bankers. This means that consumers must carefully research and ensure that they are talking also with a Mortgage Broker when shopping for a new mortgage and seeking pre-approval. Chances are they might be talking with a Mortgage Banker inaccurately using the broker term.
At Vantage, we are your “True” Mortgage Brokers. We support lender competition and see the industry from a macro view versus a micro view Mortgage Bankers are required to comply with inside their company. We believe the restricted view provided by the banker, such as in this article, are disconnected and false from industry fact.
We will continue to support the wholesale lending channel and ensure consumers are educated rather than being sold by lenders employees.
Shopping for a mortgage can really pay off
Americans are always on the lookout for a good deal.They delight in hunting for discounted jeans or snagging 25 percent off on the latest gadget.But Americans aren’t shopping around for one of their most expensive
47% of homebuyers don’t compare lenders
According to a survey by the Consumer Financial Protection Bureau, nearly half of all home buyers only considered one lender for their mortgage.
Comparing lenders could save you thousands
Comparing your options with multiple lenders could mean lower interest rates and payments saving you thousands of dollars throughout the life of your loan.
You can put that savings to use by:
- Paying off your mortgage or other debts faster
- Saving for emergency home repairs
- Making Improvements to your home
- Putting a more aside for your future
- Or maybe even splurging on a family vacation
We are here to help you shop
Vantage offers exclusive client representation and compares pricing and execution from over 30 different lenders competing for your business.