Tuesday, August 19, 2014
Wright Mortgage Services
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Monday, July 28, 2014
Wright Mortgage or A Bank?
Wright Mortgage or A Bank?
Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Why should your client use Wright Mortgage than a bank?
A bank has only one set of underwriting guidelines and not many mortgage programs. With a bank you are accepted, declined or counter-offered on your client’s mortgage application. Wright Mortgage will send your loan to different lenders, if your client is turned down or declined. Wright Mortgage has regular contacts with a wide variety of lenders. As a mortgage broker, we communicate to several lenders, who have different mortgage programs. One of these programs could be the perfect fit for your client’s financial situation.
Neighborhood retail banks usually offer only a few loan programs. Many lenders may not have a perfect loan program for a client with a particular situation, rather than sending the client to another bank with the right mortgage program, bank loan officers would sell the next best loan that the bank has to offer which may not be a good loan for the client at all. This is the primary advantage of working with Wright Mortgage, you always have choices. You’ll have more mortgagee options and programs to choose from and will be able to choose from a pool of lenders —sometimes dozens of them. Another advantage of using a mortgage broker is that they often specialize in “niche” products and programs such as FHA and VA loans that can be accepted with low credit rating.
One other major difference is that mortgage brokers must disclose all of their compensation to their borrowers. This includes any monies paid to them by the investor. Banks do not have this requirement.
Pros of Working with Wright Mortgage
A bank has only one set of underwriting guidelines and not many mortgage programs. With a bank you are accepted, declined or counter-offered on your client’s mortgage application. Wright Mortgage will send your loan to different lenders, if your client is turned down or declined. Wright Mortgage has regular contacts with a wide variety of lenders. As a mortgage broker, we communicate to several lenders, who have different mortgage programs. One of these programs could be the perfect fit for your client’s financial situation.
Neighborhood retail banks usually offer only a few loan programs. Many lenders may not have a perfect loan program for a client with a particular situation, rather than sending the client to another bank with the right mortgage program, bank loan officers would sell the next best loan that the bank has to offer which may not be a good loan for the client at all. This is the primary advantage of working with Wright Mortgage, you always have choices. You’ll have more mortgagee options and programs to choose from and will be able to choose from a pool of lenders —sometimes dozens of them. Another advantage of using a mortgage broker is that they often specialize in “niche” products and programs such as FHA and VA loans that can be accepted with low credit rating.
One other major difference is that mortgage brokers must disclose all of their compensation to their borrowers. This includes any monies paid to them by the investor. Banks do not have this requirement.
Pros of Working with Wright Mortgage
- Wright Mortgage does all the legwork for you, working on your client behalf with the lender.
- Wholesale interest rates are lower than retail (bank) interest rates.
- Your client gets more loan options because Wright Mortgage works with numerous banks and lenders.
- Wright Mortgage can finance tricky deals because of their knowledge and various lending partners.
- Are typically easier to get in contact with Wright Mortgage, less bureaucratic.
- Lender Credit to help with your Client’s Closing Cost.
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