What is the best loan VA mortgage broker or mortgage lender?

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As you can tell, I am a beginner in this field. After the differences between brokers and lenders are looking for answers, I just got more confused. Please help me if you can clarify, especially for the VA laenu.aitäh responses pro.

  1. Reply
    Jeromy W
    January 22, 2011 at 12:15 am

    You will hear many different opinions on this. Here’s what I do know. Most of your larger lending institutions, Bank of America, Wells Fargo, HSBC, etc all have VA programs. Now you could try a smaller regional bank, I assume that they would have a VA program, but I’m not absolutely positive about that. You should be able to walk into any of the larger lenders and discuss their va programs. The typical turn time can be between 30 and 60 days. The problem here is if you go to large bank a, and they upset you, you don’t click with them, whatever and you go to bank b, you start all over with the lending process and you’ll get your credit pulled again. If you go to a broker (depending on the state, I might now an ethical broker or you may know some through your networks) the broker does the shopping for you, you supply them with all the information, w-2’s, ss number, paystubs, etc and they go to work. Now, broker’s claim that your credit only gets pulled once, this is not necessairly true, some lenders will pull credit again for their protection (meaning the broker didnt fudge the credit report) so there may not be an advantage there, it depends on the lender they use. The processing time for broker’s can be less, I’ve seen files close in 2 weeks, and broker’s can get better pricing through the wholesale channels, but some sometimes won’t as they may not get paid as much. Whatever you do, get a good faith estimate and shop around, some lenders and brokers will do what they can to be another’s offer. Good Luck

  2. Reply
    Beverly S
    January 22, 2011 at 12:17 am

    I would go with a lender. A broker is a middle man and will charge you broker fees which you don’t pay a lender. Also a broker is sending out your loan docs to several different lenders. Why not just go direct & save on the costs- another benefit is you will be dealing direct with the lender who can give you better/quicker info than the broker. Good luck!

  3. Reply
    January 22, 2011 at 12:30 am

    VA loans for Veterans offer special incentives to buyers, but either of them do virtually the same thing. Mortgage Broker is just that, they broker their loans to someone else, a Mortgage lender can hold loans in house, but not many do today.

    But don’t use a lender that advertising on this venue because it is against the guidelines and if they will break these guidelines, what other rules and guidelines on your loan will they break?

  4. Reply
    January 22, 2011 at 1:12 am

    Mortgage Brokers and Mortgage Lender can be one and the same. You will want to always speak with a mortgage professional who understands VA Loans. These loans are not trivial and require extra paperwork and a VA approved appraisal.

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