Going to a bank for your mortgage is like going to an ear, nose and throat doctor to get your knee replaced. They have some basic knowledge and might get it done but they really aren't the experts. Banks typically have access to a small book of investors or in-house options that work pretty good for folks that fit nicely in the box with their credit, assets, income types and debt to income ratios. Banks add overlays or deposit requirements that tighten the qualification box even more. Also, did you know that bank lenders don't even have to get their own mortgage origination license or complete annual continuing education?? They are licensed under the bank. BANANAS! Its also important to note that bank lenders are typically paid a salary, meaning no matter if you are successful or not, they get paid. Banks are trying to do a little of everything, deposits, CDs, safety deposit boxes, commercial lending AND mortgage lending (sometimes)...it's hard to be good at everything at the same time. 

Retail lenders or big box lenders are a step up. They specialize just in mortgages, which is good, and they usually only get paid when you are successful in closing a loan. They aren't trying to wear all the hats at once like a bank. However, they are serving the retail lending company and that company has to get paid too. They have multi layers of management and the great, big octopus of people to employ; underwriters, processors, closers, shippers, post-closing etc and that monster must be fed. This can be a good thing in that the lender is always working with the same people which can streamline the loan process but it can also make your loan more expensive. 

Working with a mortgage broker is like booking your African safari with a travel agent vs. trying to arrange it all yourself. It's a boutique approach to mortgage. A mortgage broker has access to dozens of investors, all with their own loan programs and niche products. What's cool is that the investors are competing for the broker's business which benefits the buyers! Brokers are not only really good at the basics but they are also the magic makers on outside the box situations and products. My favorite part about mortgage brokerages is they are typically small business, owned and run by local ownership invested in your success; folks that are a part of the community and that are directly connected to their clients on a community level, not just across the desk of a big box store. The profits of the company are invested locally and stays in the community. Cool huh?

I have had the privilege of working for all three; bank, retail lender and now own my own broker shop. I have had success with all three but feel I can take care of my clients at an all-time high level now. I love that. I love being a small business owner in Montana invested in homeownership and building wealth through real estate. 

Here to help you as well!