atlanta-ga-mortgage.com

Bank or Mortgage Broker?

The choice is available to most consumers who are looking for an Atlanta mortgage loan.
There are some real differences between the two and consumers and realtors should know the difference.
 That’s why I’m here.
 You might call me the No BS mortgage broker.

Main street banks such as Bank of America, or Wells Fargo have some advantages. For one, they still offer local bond money programs for down payment assistance.(GA Dream for example)  They do not allow broker’s to participate in those programs. Two, Bank’s have a major storefront and public image. So, that may create more credibility in the consumer’s mind.  
 Broker’s do have two HUGE advantages over Main street banks.
 For one,  they don’t have all those huge bank buildings and employees. Many broker’s are small businesses. They have substantially lower overhead and can charge less fees to do the loan, and still make a profit.
 The other big advantage that brokers have over bankers is that they can offer a lower rate. Brokers deal in the wholesale market, and generally can offer  lower rates than a retail bank. That is not commonly known by most consumers or realtors. I personally have had clients shop me against the big banks and they tell me why they went with me instead. It wasnt my good looks. My rate was lower, and or my fees were lower. Painful truth to the banks and retail loan officers, but true.

 One other difference that is worthy of mention, is that brokers are required to disclose yield spread ( the overage on the rate that is payable directly to the broker from the lender/bank)
 Why aren’t banks required to disclose what they earn on their rates like brokers do?
 Good question. I know one thing, if their rate is higher, they are earning more money than the broker’s are, and they aren’t required to disclose it.
 I guess the bankers have a better lobby than the brokers do.
 Ouch!

Those are the main differences. If you have a client who has a down payment, and wants the best value—he is probably better off with a broker. If you have a client that needs a down payment -bond program, and are not rate sensitive, a bank is a better choice.
I am a mortgage broker in the greater Atlanta area.

Please let me know if you found this helpful, or if I can help you with an Atlanta mortgage loan.
 Call me at 770-676-0528, or email me at wcrist.caplending@gmail.com

GA Refinance do it or not do it?

One of the most common questions I am asked is about whether it is worth it to ga refinance, or refinance in GA?
As many of my clients already know, I never recommend refinancing just to earn a commission. It always has to be in the client’s interest.
 How do I calculate if it is in your interest?
 The most common way to calculate if refinancing is in your interest is to divide the monthly savings into the closing costs.
 If that is 24 months or less—generally speaking it is a good value to ga refinance.
 There are other factors to consider of course..how long will you be in the home? Will you be able to save or invest that monthly savings?
A GA refinance is always an individual decision.
 Feel free to call me today, and we can “crunch the numbers” for you.
 As always there is no obligation.

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