Should I use a mortgage broker or a bank?

mortgage broker
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When you are purchasing a home, it is important to realize that the total cost of the home is the price of the home plus the cost of financing.

To lower the cost of the total purchase price of the home then it is important to find the lowest rate mortgage loan provided by 1000’s of mortgage lenders. 

Why mortgage lenders and banks can not give you the lowest interest rate loans?

Mortgage lenders and banks can only offer you their interest rates for the mortgage products the banks and lenders provide. Banks and lenders have a lot of overhead costs and expenses therefore their interest rates are usually a lot higher.

How can a Mortgage Broker find the lowest interest rate loan?

A mortgage broker has a contractual relationship with multiple mortgage lenders and banks. The mortgage broker can take your loan request and rate shop your loan to identify which bank or lender has the lowest interest rate mortgage loan.

Do mortgage brokers increase the cost of getting a home loan?

No. In most all cases, a mortgage broker can lower the overall cost of getting a mortgage loan. Mortgage brokers can get paid directly by the lender with the lowest interest rate mortgage loan. 

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Banks and mortgage lenders can pay the mortgage broker the same as if they were paying their own in- house employee to originate the mortgage loan. 

Can I get an online mortgage pre approval with a broker?

Yes. There is one mortgage broker company that offers an online mortgage pre approval. EquiFund Mortgage has a mortgage app available on their website that will prequalify you for your home purchase within 3 minutes.

The EquiFund mortgage app will take basic information then match your profile to the lowest interest rate and fee mortgage loan program out of thousands of loan programs.

The mortgage app will show you your maximum pre-approved eligible purchase price that you will be qualified to purchase. 

What is the minimum down payment to buy a home?

If you are a Veteran of the United States military than may qualify for 100% financing. This means that your down payment will be $ 0.00. If you are not a Veteran than most loan programs require a minimum of 3% down payment based upon the sales price of the home you want to purchase.

What are the general requirements to get pre approved for a mortgage?

In general, you will need a minimum credit score of 580. You must show 12 months of previous rent or mortgage payment history with no late payments over 30 days. Your monthly income should be double the total amount of your new house payments including property taxes and insurance plus all other open lines of credit payments. 

What are the interest rates offered?

Interest rates change every day. Your assigned interest rate will be determined by your credit score, and whether your buying the home to occupy as a primary residence, second home or investment property. 

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EquiFund’s mortgage app has the ability to identify the lowest interest rate mortgage loan from all the lenders in their loan pricing and pre approval mortgage app.

Best Jacksonville Mortgage Broker

Finding a fully qualified mortgage broker that has the ability to effortlessly identify the lowest rate mortgage loan is very important. EquiFund mortgage has over 22 years of mortgage brokering and lending experience. They are 5 star google reviewed and maintain an A+ Better Business Bureau rating.  

EquiFund is 100 percent committed to providing customers with bottom-interest home loans and less-fee home loan closings. Using EquiFund’s mortgage app, you can get the lowest interest rate and fee mortgage guarantee with their  Online Mortgage Pre-approval  mortgage app. 

EquiFund Mortgage Brokers has helped over 50000 owners since 1998 with home loans for buying homes and mortgage refinancing. You can access our online loan application to get pre-approved for a mortgage. This mortgage app can return with immediate loan possibility results for Online Mortgage Pre-approval.

Lowest rate and fee mortgage guarantee at EquiFund a Jacksonville Mortgage Broker

EquiFund’s automation is able to avoid paying expensive loan originator commissions and pass that cost savings back to the client in the form of a lower interest rate mortgage loan guarantee.

EquiFund’s mortgage app only takes three minutes to search out the lowest mortgage rate and fee loan in their marketplace. After you use our mortgage app, you’ll see real interest rates at 1 % below most banks and lenders on thirty-year fastened-rate mortgage loans.

Author: James J. Hammond. NMLS# 190210, Jacksonville, Florida 

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shahnaz zulfqar
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