Las Vegas Mortgage Lenders
Due to recent lending reforms of the Dodd Frank Consumer Protection Act, all Las Vegas mortgage brokers and mortgage bankers must be duly licensed. All mortgage lenders are also required to state in advance each quarter what percentage of fees they will make for a loan originated during that quarter. The percentage quoted will pre-determine the amount of interest rate the lender charges. This means that while consumers can still "shop" lenders to find out who currently has the best rates, they can no longer negotiate with a particular lender for a lower rate.
Lenders are also required to give each borrower a "good faith" estimate of charges. This good faith estimate will be presented to the closing/escrow company. By law, the final fees charged on a loan must be within federally mandated percentages of the original good faith estimate.
Las Vegas Mortgage Bankers
A mortgage banker is a company using their own funds or funds borrowed from a warehouse lender originate mortgages. Mortgage bankers are usually more limited in the types of programs they offer and stricter on lending guidelines, but they might have one particular in-house program that fits you best and offers you the best rate, so it is wise to compare. After the mortgage is originated, the mortgage banker usually sells the mortgage to an investor, though they might still service the mortgage (collect payments and fees). A mortgage banker's primary business is to earn the fees associated with loan origination.
Las Vegas Mortgage Brokers
Mortgage brokers do not lend their own funds. Instead they bring borrowers together with lenders. They have established relationships with various warehouse credit lines, each with its own set of lending guidelines. Once the mortgage broker has determined a borrowers financial profile, the broker matches the borrower up with the warehouse line that offers the best rate and terms that the borrower qualifes for. The only downside to the mortgage broker is that sometimes it takes longer to process the loan because paperwork has to go through two sets of hands. But with some advance planning the mortgage broker may be able to get a better rate and it may be worth the inconvenience.
Easy Online Mortgage Application
Feel free to fill out the information below, and we will have a mortgage consultant contact you to determine how much home you can buy.