There are different ways a borrower can shop for a mortgage, whether it is to refinance their home, or to purchase a new property. There are a range of different mortgage professionals to go to. Big banks, mortgage banks/direct lenders, large mortgage shops and small mortgage brokers.
OC Home Funding is an orange county mortgage direct lender. There are some subtle yet crucial differences between a direct lender versus a small mortgage broker.
The most glaring difference between a direct lender versus a mortgage broker is control. A mortgage broker can only originate or put together your loan file and then find a lender to submit to. No other part of the loan process is done by the broker. A direct lender on the other hand has its own funds to lend with, and employs processors, underwriters, doc drawers and funders. This type of system allows the file to remain under the same roof from origination to funding. The advantages to this type of business model are organization and control. Your loan officer can pick up the phone, or better yet, walk over to the underwriter if there is an issue to get it resolved. Your loan officer can get the doc drawer to handle your file next since he sits down the hall from the doc department. Basically, the proximity to the actual loan file and having real time access to key decision makers in the process allows your loan officer and the lender to ensure a timely closing with much less headaches than a broker.
Conversely, a broker may be assigned to an underwriter they have never worked with, or is unable to get through communication wise, because that underwriter or account manager have down times when they only communicate via email. Underwriters in general do not like to talk to brokers, and that really leaves problems unattended.
OC real estate is in high demand and if you cannot perform on attainging financing, you can bet that someone will be right behind you to make another offer once your contract expires. A local orange county mortgage lender is the best way to purchase oc real estate, and have a smooth transaction with excellent service from a local mortgage loan officer.
Visit us at www.ochomefunding.com to find out more.
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