Using A Mortgage Broker Vs A Bank

Cons For Using A Bank

Most banks offer a very conservative loan program that might not benefit a buyer who needs down payment assistance or an unconventional mortgage option. Additionally, banks tend to have very long mortgage loan application processes, and they are very strict. It could take months to finally secure a mortgage depending on the bank, the type of loan being used, and more. Banks tend to use a very long underwriting process, and they have their own list of personnel to work with. This includes appraisers and inspectors, and they might be backlogged in terms of doing their own job if the bank is issuing many mortgages at once. Additionally, if the banker a buyer works with has a baby, goes on vacation, or has an emergency, the entire process can be delayed. There are some certain cons associated with working with a bank, but they are nothing a buyer can’t handle if they're willing to work with someone they know and trust.

Continue to reveal how to efficiently choose between both options.