|Posted by Los Angele Real Estate Broker on April 21, 2014 at 11:55 AM|
There are several differencesbetween obtaining a home loan from banks than mortgage brokers. Mortgage brokers are "middle-man" for bank. They run credit and pre-qualify borrower/s, then they submit the loan package to the banks that provide best and lowest interest rates. In addition to that each bank enforces their own guidelines for loan approval after the Fannin mae and Freddie mac. Meaning, there is a possibility that a loan will be approved with one bank and denied with another bank. Which in this case submitting a loan application to a specific bank can chages the outcome. Because banks have thier own and only loan products. The same as you will go to shop for a specific brand in a specific store. Obviously, you will not be able to see other banks in that store. There are more pros and cons into this subject. Please feel free to ask us your questions.