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Old 02-21-2008, 01:16 PM
 
Location: Home base is NC but prefer SLIGHTLY north of here.
3 posts, read 5,660 times
Reputation: 10

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We've recently applied with a national mortgage lender for pre-approval for a mortgage in Delaware. Would we be better served to work with a mortgage broker? We've done that successfully in the past in NC but DE might be a different ball game.

Anromar
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Old 02-21-2008, 09:18 PM
 
Location: CNJ/NYC
1,240 posts, read 3,688,802 times
Reputation: 428
A hybrid is probably the best option: a direct lender who can also act as a broker to other banks, large and small, public and private. I can take my clients to dozens of sources for a loan or keep them on my own credit lines depending on what works best for the borrower.
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Old 02-22-2008, 12:50 PM
 
Location: Home base is NC but prefer SLIGHTLY north of here.
3 posts, read 5,660 times
Reputation: 10
What's the best (most reliable & easiest) way to identify such "hybrids"?
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Old 02-22-2008, 12:52 PM
 
Location: Home base is NC but prefer SLIGHTLY north of here.
3 posts, read 5,660 times
Reputation: 10
Quote:
Originally Posted by TwiloMike View Post
A hybrid is probably the best option: a direct lender who can also act as a broker to other banks, large and small, public and private. I can take my clients to dozens of sources for a loan or keep them on my own credit lines depending on what works best for the borrower.
What's the best (most reliable & easiest) way to identify such "hybrids"?
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Old 02-22-2008, 07:30 PM
 
Location: CNJ/NYC
1,240 posts, read 3,688,802 times
Reputation: 428
Quote:
Originally Posted by anromar View Post
What's the best (most reliable & easiest) way to identify such "hybrids"?
Call them and ask. Ask if they can close on their own credit lines and what alternatives they have if you don't fit their own programs: Can they take your loan elsewhere? If the answer is "We will find you the best program and best terms with another bank if they have better offers than we do", then you are dealing with a hybrid.

I see you're in Delaware- my bank both lends and brokers in Delaware, so that's one identified. I'm sure there are others as well.
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