First time investor wants to know if a broker is needed
I am new to the real estate investment business and I am applying for pre-qualification. Do I need a mortgage broker for this? What are the advantages and disadvantages of getting one? Bank financing is also an option in my case but I’d like to have someone help me close the best deal possible for my first purchase. by dleconte509 from Inglewood, California. Jun 16th 2022
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Broker vs Banker...typically a Broker or Mortgage lender will have more options than a conventional "street" bank. Hope this helps.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The two major differences is that with non-bank lender (so brokers), the Loan Officers are REQUIRED to have a personal license to assist you, while bank Loan Officers do not. This doesn't mean a bank Loan officer can't be licensed, they just usually are not. Do you want to work with a licensed person or not? Next, brokers can offer the programs and services of many lenders, giving you the widest variety of options, while banks tend to only offer their own products. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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