How much research should you do before you talk to a mortgage professional?
This is a tricky question because while we think it's very important for anyone looking to get a mortgage to learn as much as they can about the process, it can be challenging to find a clear and trustworthy source of information. Please feel free to use us as a basis for your research - we are happy to answer any questions and/or direct you to trustworthy sources of information.
Where should I go to get a mortgage and how do I choose?
This can be a daunting question for anyone setting out to get a mortgage. There are SO many options...do you apply somewhere online, do you go to your local credit union or bank? And what about brokers, would they offer a better solution? The bottom line is, find someone that you feel comfortable with. If you're a first time home buyer, don't try to do it online, make an appointment and have a conversation with a licensed mortgage professional. See the next question for brokers vs banks.
What's the difference between a broker and a bank?
As a broker, we can honestly say that we can offer you a better experience and more options than any bank can. A bank has one set of products and one set of requirements on how to qualify, if you don't, they're typically not going to be able to offer the proper guidance because they have more volume then a small, privately owned broker. Brokers work with usually 3 or more different lenders to be able to offer clients a wide array of products and rates. Every lender is going to price their rates differently for different categories so it's definitely beneficial to have options. Brokers can be more of a one stop shop for getting the guidance you need to get qualified and the availability of options so you can get what you want.
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Archer Home Mortgage, LLC NMLS# 1620814 1000 W Maple Rd #109 Troy MI 48084 (248) 881-4848