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Loans De-Mystified
How We Compare to the Rest
We know that the loan business is very confusing because there are so many variables to consider. We want you to make the very best decision from a point of understanding. Below are some topics of useful mortgage information that will make you an informed borrower.
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| Comparing Mortgage Brokers to Savings & Loans and Retail Banks |
| Reason |
InterBanc Mortgage |
Direct Lender |
| Representation |
Represents borrower by packaging loan to highlight strengths and minimize weaknesses. |
Represents the lender. |
| Customization |
Offers the programs of a broad base of lenders which includes the most competitive and fixed rate and adjustable rate loans. |
Offers a limited number of programs. |
| Flexibility |
A "problem loan" can be quickly resubmitted from one lender to another with easier underwriting criteria. |
If a loan is denied the whole process must start over. |
| Availability |
Many loan officers work evenings, weekends and make house calls. |
Many work banker's hours, at the bank. |
| Professionalism |
Familiar with many lenders and loan programs and are licensed by the Department of Real Estate. |
Familiar with limited number of programs and are not required to be licensed. |
| Performance |
Generally paid only on a commission and therefore motivated to close loans. |
Generally paid a base salary plus lower commission. |
| Costs |
Can offer numerous rates and fee combinations, as well as offering similar processing fees. |
Offers limited rate and fee combinations but many have lower appraisal fees. |
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