Finding a Mortgage - Banks Or Brokers? [mortgageapproved.blogspot.com]
Feb 3 2012 Bank of America Lakeport, Ca. I attempted to make a cash payment on our mortgage, the manager refused to take the cash saying it was against bank policy. I was shocked, had no idea this would happen, since when does a bank not accept cash... Right! When I protested, the manager called the Lakeport poilce dept. After being detained for about 1/2 hour and nearly arrested for shooting video inside the bank the cops decided to let me go. The BofA manager made a complaint against me and had the cops inform me that I am "no longer welcome inside the Lakeport branch of Bank of America." Also that if I "ever attempted to enter the branch again I WILL be arrested!" So apparently Bank of America DOES NOT accept American cash dollars as a form of payment on mortgages in AMERICA! PROTEST & YOU WILL BE ARRESTED! www.facebook.com
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There is no simple answer to the question of whether mortgage brokers or banks offer the best chance to find the ideal mortgage. This is because there are many different mortgage products available and each borrower's financial situation is unique. Further, the products available are subject to constant change and revision, so just because one lender seemed desirable six months ago does not mean it still is today. Nevertheless, there are still a few simple guidelines that can be followed to determine whether to use a bank or a broker.
In general, banks tend to be more conservative in their policies and practices and only offer their own line of mortgage products. However, they also know that the more products they sell to customers, the more likely they are to retain that customer's business. For this reason, they frequently offer better terms and discounts to existing customers that are interested in one of their mortgage products.
If a potential home buyer already has two or more accounts with a particular bank and has a notable amount of money held there, this bank should probably be the first place to look for a mortgage product.If the potential home buyer does not already have a strong relationship with a particular bank, then going through a broker may be more appropriate. A broker usually represents a number of different lenders selling different lines of products. A good broker can review an individual's circumstances and recommend a specific lender and product that can best meet the client's needs. Further, a broker will provide advice on how to present the client's financial information and will do much of the "leg work" involved in getting the process underway.
It is important to note that although mortgage brokers may charge some fees up front, most do not get paid until the deal is closed.
On the plus side, this means that the broker has a vested interest in helping the client get approved for a mortgage. On the negative side, it means that the broker has an interest in getting approval for any mortgage, not necessarily the one that is in the best interest of the client. Getting people approved for inappropriate mortgages was one of the causes of the sub-prime mortgage bubble that burst in 2007.If one decides that a mortgage broker is the right way to go, it is essential to do some research beforehand to ensure that the broker is reputable. The first step is to compile a list of potential brokers, usually brokers that friends or family have worked with or others active in the area. After this list is compiled, do some online research into their background. Are they properly licensed? Have they received many customer complaints? Have they been involved in legal difficulties? Most of this information can be obtained online from the Better Business Bureau, the state Attorney General's website, as well as from news sources. The potential home buyer should remove any brokers that are improperly licensed or have had a lot of complaints or legal problems.
Once the client has a list of several reputable brokers, he should consider going in to initial consultations with several of them. This is because each broker has a unique list of lenders that they deal with, so one broker may have access to a much better product than another. After having initial consultations with several brokers, the home buyer should have a good idea about which one can offer the best product.
Find More Finding a Mortgage - Banks Or Brokers? ArticlesQuestion by Chipee: What's the difference between a mortgage bank and a regular bank? Also, what exactly does a mortgage bank do? Best answer for What's the difference between a mortgage bank and a regular bank?:
Answer by snoopyfanattic
A mortgage bank only makes money off of selling mortgages, where as a normal bank makes money off of investing your deposits. Five questions today and a bunch a couple of days ago, I get the feeling someone's in an economics class ;)
Answer by Chase R
yes, they give yiu morgage loans.
