We are an immediate loan specialist in Hudson, and we are quicker and more advantageous than run of the mill retail facade banks since we're based on the web and are open constantly. No compelling reason to sit tight for "ordinary business hours" or invest energy flying out to the store — our short application can be finished in not more than minutes. You can even apply from a cell phone while you're in a hurry!
We can loan up to $500 to Hudson occupants, in view of qualifying elements. On the off chance that endorsed, your credit will be expected on your next payday that falls in the vicinity of 10 and 31 days after you get your advance. Nitty gritty data with respect to expenses and reimbursement is accessible on our Rates and Terms page. As you consider whether an advance is proper for your prompt needs, you ought to likewise investigate other subsidizing alternatives. A payday credit is a genuine budgetary duty, and not an answer for long haul issues. Getting from a companion of relative may be a superior alternative.
I suppose similar dynamics exist for car dealers and just about anything else where you're bargaining with a commission seeking salesman. Does the Senior guy have more leeway to offer a better deal (if he thinks it's needed) or is the junior guy more hungry and more likely to give up part of his commission to close a deal. Or are there other factors?
A lot of people out there seem to think that the Mortgage broker is doing no more than picking the best deal from a large set of banks. I'm pretty sure the truth is more complex. The last brokerage I re-financed with was quite open about their fee, which is thousands of dollars (in my case that was paid for by the bank, in exchange for a higher interest rate.) I've also heard that the broker, like everyone else in the chain, gets a cut of every payment I make. Interestingly, the first time I ever worked with a broker, the senior guy I'd been referred to by a friend had just left the business. The less senior guy who replaced him claimed "this is better for you, because I can give you some cuts that he couldn't." Just as the car dealer does more than simply help you buy the car from the manufacturer, I believe that mortgage brokers have a great deal of influence over your ultimate deal.
April 1, 2011 the rules changed. The correct answer now is "none of the above". Prior to that date, the one who wanted or needed the business more had the flexibility to reduce his or her commission if necessary to get your business. It used to be very normal for a loan officer to do. The new law requires loan officers to declare a fixed percentage they will charge all of their clients and they are not allowed to make any more or less regardless of the circumstances. If a loan closes a week late through no fault of the borrower, the loan officer cannot pick up the tab for the cost of the rate lock extension as I have done in the past. My only choices now are to hope the company pays for it or pass the cost on to the consumer. Ultimately it will increase costs to borrowers since companies will be inclined to add a little cushion in their pricing in case they have to absorb more fees. The new law applies to banks, brokers and mortgage bankers. In 14 years in the business I have guaranteed to my clients that their fees would not exceed my estimate or I would pay the difference. None of my borrowers have ever paid for a rate extension or had their rates increased after the initial rate was locked. That record will probably end this year. Aren't you glad you have your government to protect you from people like me?
You have some serious misunderstandings about how a mortgage brokerage operates. They work with wholesale lenders, who do not and will not work directly with you. A wholesale lender may be a division of a larger financial entity, like Wells Fargo, but going direct to Wells Fargo will not get you any better deal. Banks have to pay for originators, office space, loan processing, marketing, etc., just as an independent broker does. The whole junior/senior thing is irrelevant, and the guy you are referring to was just not all there, probably trying to make you feel ohio about not working with the actual person you were referred to. Most mortgage brokers aim to earn a certain amount from originating each loan, but once that loan is funded they earn NO additional "cuts of every payment you make". Brokerages must disclose to you how much their income is, both on the front side (your closing closts) and the back side (the premium that the wholesale lender pays them). In most cases a broker can get you a better rate than a bank, and has far more to select from if you need specialized financing.
There are other factors. In a nutshell, a Mortgage Broker is simply going to place your loan with one of several companies that they work with. Their job is simply to find the best "fit" for the buyer. Much depends on whether they have "in-house" underwriting or not. If they underwrite their own loans, then they have more flexibility. However, the typical mortgage broker does not underwrite their own loans. Instead, they have a laundry list of banks and mortgage companies that they submits loans to depending on the client's crediworthiness, employment history, etc. For example, for poor-credit clients, they might use a company that charges higher prices, but will underwrite lower fico-scores. It usually doesn't matter whether the Senior Broker or the Junior Broker is handling the deal because the buyer qualifications are the driving force -- i.e. you get "slotted into mortgage companies depending on how strong your "file" looks. However, even with all that said, it would be a better idea to go with the Senior Broker, because they would probably know more about the underwriters, and have better knowledge on where to place the file to get the better deal. Just a side note: To get the best deal, put all your cards on the table up front. If you have had credit or job related challenges let them know your history so that they get the best fit the first time. You'll save time and money.
If you want the BEST deal go to a mortgage banker, not broker. Mortgage bankers close with their own money so no middle man is being paid. Who do you think pays the middle man? You. I am not talking about banks. I am talking about mortgage bankers.
Neither can offer you a better deal. The broker hunts around for lenders who will give you the best deal. HE is not the one offering the deal.