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Happy New Year from Executive National Bank!
Whether you’re looking to purchase your first home, refinance your mortgage, or purchase a vacation home, you’re in it for the long haul with a residential loan. You’ll have a mortgage payment for 15 to 30 years, so you want to be sure you’ve chosen the right lender.
Every bank is different; from terms, to customer service, to offerings, to rates. Most people would assume that the rate is the most important factor when choosing a lender, but it’s essential to research each lender carefully and understand all aspects of their terms before making any final decisions.
So, what are your options?
In the broadest of categories, you have five main groups: National Banks, Community/Local Banks, Credit Unions, Mortgage Lenders, and Mortgage Brokers.
National Banks – In addition to offering checking and savings and investment options, national banks will often offer different types of mortgage loans for qualified borrowers. These large banks are convenient; however, they may take longer to close your loan. They also may not offer government-backed loans (for example, FHA, VA, or USDA home loans).
Community/Local Banks – Like national banks, community banks offer all types of financial services, for both personal and commercial use. However, dollars at community banks are reinvested into local homes and businesses, while dollars at “big banks” are used to fund loans across the country. Community banks tend to be superior in customer service, as their attention is reserved strictly for local families and businesses, with a focus on relationship banking, instead of transactional banking. Not all community banks offer government-backed loans. If your situation merits one, it is recommended you contact your community bank first, to find out if they can accommodate your needs. For example, Executive National Bank, a community bank in Miami, does offer certain government-backed loans, like FHA.
Credit Unions – Credit unions are very similar to traditional banks, except they are owned by their account holders, or “members.” On that note, they usually only offer loans to these members. They may be able to offer lower interest rates and costs, but may not be able to offer government-backed loans. They also tend to take longer to close.
Mortgage Lenders – These lenders exist only for real estate loans; they do not provide any other financial services. They can take care of the entire loan process “in-house.” Most mortgage lenders sell their loans to banks or servicing companies after closing. These servicers then manage the monthly payment collection.
Mortgage Brokers – Brokers do not lend money directly; rather, they have access to various lenders, banks, and loan programs, thus giving you access to more options. However, this also means that they don’t have much control over the loan process. In some cases, especially for buyers with special income types or lower credit, you can have brokers shop around for a home loan that fits your specific needs.
So, which of these is the best choice for your residential loan?
Bottom line- it depends. It will vary, according to your specific wants and needs at the time.
If you’d rather have all of your finances in one place and time is not the most important factor, your local bank could be the best choice. More often than not, local banks have experienced lenders who can provide personalized service and guide you through the entire mortgage process, from start to finish. If your situation requires a government-backed loan, it’s important to find out whether or not your local bank can offer this. If not, a broker or lender may be the better option.
An easy way to begin narrowing down your choice is by contacting banks in your area to find out if they have any special offers or promotions on residential loans. For a limited-time, Executive National Bank is offering a $200 credit at closing*, with low rates. For more information on residential loans, contact an experienced lending representative at (305) 662-4700 or email firstname.lastname@example.org.
*Offer subject to change without notice. Some restrictions may apply. Only available to qualifying loans closing by December 31, 2019. Limit one offer per customer. The $200 credit is applied at loan closing. Subject to underwriting terms and conditions (including but not limited to credit approval, property appraisal, and title report). Other restrictions may apply. Programs available only to qualified borrowers and limited to properties in Florida. Programs subject to change without notice. Consult a tax advisor regarding the deductibility of interest and charges. For more information: Rafael Ribero, Vice President/ Residential Lending. Bank# 488325 | MLO# 489348.
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