Mortgage Choices: Broker, Banker, Seller

Since most people use some type of financing, primarily a mortgage, for a significant portion of their financing, to purchase a home, does it make sense for them to know their options and alternatives, and potential sources, in advance to do this? to do? While there are many types of mortgages, which are generally classified as conventional or adjustable, there are also many options regarding where to insure, the required and necessary financing. The main options are financing through a broker, banker or seller. With that in mind, this article will briefly attempt to consider, examine, review, and discuss how these work, etc.

1. Mortgage broker: A mortgage broker works the same way as any other type of broker! He identifies and qualifies potential clients, and finds a lender that will best meet the home buyer’s specific needs, taking into account factors such as interest rates, length, terms, down payment, and who this particular individual will benefit from dealing with. (and qualifications of course). This professional does not personally finance the financing, but serves as a channel to bring parties together to achieve the best goal. Those who may not automatically qualify may find this their best course as the broker is able to shop around and find a suitable lender!

2. Mortgage banker: Unlike a broker, a mortgage banker prepares the loan and provides the financing for the transaction. Sometimes they can hold the loan for a longer period of time, while others can quickly sell the loan to others for maintenance. These lenders are considered primary because they provide the money instead of finding others to do it. Obviously this can be beneficial for some (usually the most qualified) and less for others!

3. Seller financing: In some cases, a real estate seller may either be willing (to speed up and simplify a transaction) or prefer to finance this financing themselves. Sometimes this is for the full amount, while other times it becomes a secondary form of money to help an otherwise qualified buyer handle a significant down payment. Much of this depends on the general real estate market. Obviously, in most cases we see more of this, when there is a buyer, than one, sellers market.

A wise, qualified, potential homebuyer knows what is available and considers what best serves their interests. Since for most the value of their home represents their greatest financial asset, doesn’t that make sense?

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