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Tuesday, 27 February 2018 22:46

KKOB February 27

What's the the difference between a broker and a bank? Today on KKOB's real estate segment, Ben Lucero of Indigo Mortgage explains!

Published in Radio
Wednesday, 04 January 2017 00:02

Broker vs. Bank: What's the Difference?

At Indigo Mortgage, we understand that borrowers looking for a mortgage loan have plenty of options these days. But when it comes to choosing between a broker like us, or a bank, it’s important to know what the key differences are. Knowing the distinction between the two can mean thousands of dollars in savings!

Published in Blog
Tuesday, 03 January 2017 23:56

KKOB on January 3

Ben Lucero discusses the differences between a bank and a broker on KKOB's Real Estate segment today. Learn about why this difference matters and how it effects your loan!

Published in Radio
Tuesday, 28 July 2015 00:00

KKOB on July 28

Big-Banks: Poor Service Complaints

Published in Radio

A very recent national study shows that realtors prefer working with mortgage brokers over banks when referring a lender. Mortgage brokers were the preferred choice at 47%, banks came in at 31%, and non-bank lenders came in at 22% (non-bank lenders can also be classified as net-branches). When indicating their preference, realtors were asked to consider speed, responsiveness, cultural fit, and the breadth of products offered.

Published in Blog
Tuesday, 24 September 2013 15:34

Choosing the Right Lender

Whether it’s local, internet or out of state lenders, in today’s mortgage market, borrowers have 3 choices, or types of lenders, to find their mortgage loan. The three types are a Net Branches, Banks, and Mortgage Brokers.

Net Branches and Banks are comprised of many different offices spread nationwide or regionally. They have one central home office and all applications eventually go through that home office at some point. All decisions are made through that home office. The drawback to net branches is that they only have one set of underwriting guidelines, and only one rate sheet. If a loan does not fit their guidelines, the application is denied and the borrower must look elsewhere for financing.  Also, since they only have one rate sheet they can only offer one set rate for a borrower.

The way a borrower identifies a Net Branch and a Bank is they will advertise that they have in-house underwriting and the actual home office is in another state.

A Mortgage Broker is usually local and as a broker has many different lenders have who may have different sets of guidelines, which means the possibility of getting a loan is much higher. Mortgage brokers also have many different rate sheets form lenders and will offer the borrower the lowest rate available on any given day.

I suggest borrowers shop their mortgage around because if they are dealing with a net branch or bank they might not be getting the lowest rate available on the market and they might not be getting the full benefit of mortgage products being offered.

Indigo mortgage is proud to say we are locally owned and operated Mortgage Broker.

Published in Blog

From The Blog

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    Finding and getting a mortgage is a lengthy process. Many national institutional lenders promote their fast pre-qualifications and ease of Read More
  • Come to Indigo Mortgage for Your Construction Loan +

    Building your own home instead of buying an existing home, allows homeowners a lot of flexibility. Building allows homeowners to Read More
  • Stay Local for Your Pre-Qualification +

    At Indigo Mortgage, we always advise borrowers to shop local when they’re looking to pre-qualify for a mortgage. Online lenders Read More
  • Aggressive and Dishonest Lenders +

    Many borrowers come to Indigo Mortgage and tell us that they are constantly bombarded with solicitations from large out-of-state lenders. Read More
  • Reverse Mortgage Education +

    Most seniors have seen the ads on television, received the emails or the postcards in the mail. Advertisements for reverse Read More
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