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Hi, are you a first-time home buyer trying to see what the best route for you to go is? As far as a lender? Well, you’ve come to the right place. Let me give you all of your options. My name is Dave Holland with Veterans National Mortgage. Let’s take a look. The three options that you have are broker direct lender and bank.
What’s the difference between these let’s walk through it. A broker is an independent agent for the consumer. So, you come to a broker, and you tell them that you’re looking to purchase a home. The broker is going to go to many different lenders to look and see what the best option for you is. As far as interest rates, fees, and closing speed.
Now let’s say that you go to the direct lender. The direct lender is different than a bank in that they only do mortgage loans. They’re different than a mortgage broker in that they can only lend with their company. Here’s the direct lender. They have one product, one rate, one lender.
‘”Let me give you all of your options. My name is Dave Holland with Veterans National Mortgage. Let’s take a look. The three options that you have are broker direct lender and bank.”
The last is the bank. So, the bank is typically where you go and have transactions with your money. You go and get rolls of quarters. You get checkbooks, you can go to the bank at many different locations. So, the bank is convenient because it has you. They typically have one product as well. And the bank also has one rate.
Well, that’s where I keep my money, wouldn’t they give me the best deal. Unfortunately, not all banks and lenders are good at all types of loans. They specialize in certain loans. One bank is good at VA. The other bank is going to FHA and maybe another bank is good at conventional. So, when you go to your bank or when you go to the direct lender, they’re going to give you their product and their rates and their loan.
“So, you’re going to be touring properties, going to open houses. You’re going to look and see what neighborhoods are good for you and your family.”
That’s where the broker comes in. The broker has many products and many lenders that you can choose from. They work for the consumer. They don’t work for that lender or that bank. If you’ve ever gone into your bank. And ask them about a loan and they didn’t have great rates. Your bank is never going to send you over to the broker or over to another bank. That’s where the broker comes in.
The broker has the best rates for the consumer, the lowest fees, and the best closing speed. This is why we believe that the independent mortgage broker is the best for the country. Consumers want choice, they don’t want to be locked down to one lender. They want the best rates.
They want the best fees, and they want fast closing speeds, which can only be attained by a smaller brokerage. Let me give you an example. On average, we save our clients $343 a month over the direct lenders and the banks.
“On average, we save our clients $343 a month over the direct lenders and the banks.”
If you take $343 per month times 12 months, your savings is approximately $4,163 per year. If you take those same savings and you multiply those times, the average 30-year mortgage, your savings are $123,480. I don’t know about you, but I would love to save that type of money. I think this is great information for you. As a first-time home buyer, it’s very important to be informed just on how much it can cost in extra fees or higher interest rates.
So you really should shop for the best deal for you and your family. For more information, please reach out to us at veteransnationalmortgage.com.
You can click apply now and get a free interest rate. Or we can help you to get pre-qualified with no hard inquiry.
We can also be reached directly at (888) 922-2022
My team and I are standing by to help you with your first purchase.
Veterans National Mortgage | NMLS #2006604 – NMLS Consumer Access Portal
Thank’s andl see you next video.