Why choose First Lenders Mortgage, A Mortgage Loan Originator, Over A Bank or Direct Lender In Today’s Mortgage Market Environment?This is a question we get asked ALL the time! Are you a “direct lender” a “banker”, or are a "mortgage loan originator"?? Well we are Mortgage Loan Originators. But you will be surprised the better choice based on the new and updated lending guidelines. Today it is more important than ever to understand where you can save the most money when shopping for a mortgage. In the current mortgage market environment sweeping legislation has mostly done away with predatory mortgage brokers and the unscrupulous lenders that encouraged their underhanded activity. So where does that leave the borrower? Now all mortgage originators must endure federal and state finger printing, a full background check, 20 hours of mortgage education and pass two licensing tests. Trust has slowly replaced the negative stigma that has hunger over mortgage brokers. What is left to consider? While banks and mortgage companies with deep pockets saturate the air waves with what sounds like attractive offers such as “$499 fee no closing costs” or “Engineered to Amaze”, mortgage loan originatorsr like First Lenders Mortgage of Middletown New Jersey has lower rates without even needing the “$499 fee” and our current NJ Mortgage rates are lower regardless.
Why can First Lenders Mortgage, a mortgage loan originator, deliver lower rates and fees than the BIG banks? The answer is simple. The large companies are strapped with tremendous overhead from bloated payrolls, to brick and mortar bills, huge advertising invoices, etc etc. At First Lenders Mortgage we purposely keep the overhead low so we can pass the savings on to the consumer. On top of lower new jersey mortgage rates and First Lenders Mortgage having NO FEES, we are routinely closing refinances within 30 days compared to 60-75 days with the major banks. Yes it may be harder to attract new business but, once the client finds us they usually remain clients for life and often refer many of their friends and business associates. Plus First Lenders Mortgage consistently provides “CLOSING COST CREDITS” on top of extremely competitive rates to help further reduce our clients third party closing fees.
In the past, mortgage loan originators had “junk fees and/or “origination fees” ON TOP of bank fees and offered the same interest rates so it really didn’t make any sense to use a broker. Plus before the “lending overhaul” took place, loan originators often added “surprises” at the closing table either with added fees or a different interest rate.
NOT SO TODAY!! Due to tighter lending requirements enforced by the federal government, no broker is permitted to add any “additional” charge or fees to the borrower once all fees/rate has been initially disclosed.
So let’s Recap why it is better to go with a mortgage loan originator like First Lenders Mortgage than a direct lender or Bank:
- We have NO Fees ourselves
- We close in 30 days rather than the 60-75 days
- We offer lower rates ( about .25% lower ) than the big banks
- You can reach us 7 days a week for loan status and updates and speak to the SAME person handling your loan rather than getting a different person on the phone every time you call
- We often provide “closing cost credits” to help reduce your third party fees
- Our loan process is completely automated and streamlined.
- We have the “flexibility” to go as low as we need to, to earn your business.. NO checking with management and getting the runaround!
- We are NOT allowed to add any “other fees or charges” to your loan after they are disclosed
- We even Deliver your loan to the big banks ( Wells Fargo,Chase, GMAC ) so you still receive a reputable bank as your lender