#1 Mistake

The #1 mistake you can make is to only meet/work with ONE Lender before signing up for a home loan.

Many REALTORS® have business relationships with Lenders and they will try to get you to use their preferred lender. However, this could be a costly mistake.

Therefore, we highly recommend comparing the two different types of lenders in order to compare the loan products, terms, and pricing.

Option 1: Direct Lender (Retail)

A direct lender is just that:

A bank or other financial institution that will decide whether you qualify for the loan and, if you do, will hand over the check.

In terms of Pricing:

Direct Lenders may cost the consumer more. For example, according to the Mortgage Bankers Association, “the cost to originate a loan in the retail production channel averaged about $10,200 in 2018.”

Option 2: Mortgage Broker (Wholesale)

A broker acts as an intermediary:

Helping you identify the best lender for your situation and pulling together all the information needed for the mortgage application.

In terms of pricing:

Brokers may cost the consumer less than the cost of a Direct Lender. However, according to the CFPB, sometimes Bank & Credit Unions can offer lower & competitive pricing based on the relationship with the customer.

Mortgage Calculator (See The Numbers)

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1-844-MY-RENT-SUCKS

1-844-697-3687

 

rentsucks.com is an online resource for first-time homebuyers with the goal to save the buyer money and make the home-buying experience as easy and efficient as possible. With a system dedicated to matching home buyers with experienced REALTORS® and Lenders, rentsucks.com aims to guide buyers through the process from start to finish.

A.R. III Management, LLC. TREC Real Estate LLC,  Broker License #582127

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