American
Apple Mortgage FAQS
Why use a Mortgage Broker instead of a Bank?
Banks can only offer the programs they have. A mortgage
broker can review hundreds of loan programs and select the
one that is best for you and gives you the best rate. For
most banks, mortgage lending is only a small part of their
overall business, maybe as little as 10 to 15%. They get
business because of their brand. Not because of their rates
and not because of their service. So how can a mortgage
broker stay in business. The answer is by outperforming the
banks. Lower interest rates, better service, and more
products.
What’s the difference between a Mortgage Broker and an
Institutional Bank?
Institutional Banks, and you know who they are, offer home
loans. Often times when a borrower thinks of getting a home
loan, they think of their bank. But here are some of the
differences between your bank and a mortgage broker. Banks
offer only their loan products, which may or may not be the
best product for the customer. However, the mortgage broker
has this large pool of resources from which he can choose
and use to provide the best possible loan specifically for
you.
Also banks work specific hours, a broker does not, and
therefore is available most any time. Bank employees work on
salary. They get paid whether they give you their best or
not. Mortgage brokers work on salary. They don’t get paid
until the transaction closes. Therefore, therefore service
means everything.
What is a Point?
Points are a percentage of the Loan Amount. For example if
the loan amount was $300,000 and the charge was one point(1%
of 300,000) = $3,000.
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HONESTY - AMERICAN APPLE MORTGAGE
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