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Middletown Connecticut Mortgage Broker

Posted on July 24, 2017 · Posted in Connecticut Mortgage Company

Should You Use a Broker or a Mortgage Lender? 

Hello everyone – we are Northeast Financial located right in Middletown Connecticut (and we cover the entire state).

Many consumers do not know the difference between a mortgage broker and a mortgage lender or why it should be important when considering to purchase or to refinance a home.

A mortgage lender is using their own money to finance a purchase or refinance transaction.  They only have access to their own interest rates which they set in compliance with government standards.  They also set the guidelines for how they close their loans – which can mean they are able to move a bit faster in the process than a Mortgage Broker can.  But, unlike a broker, if they turn down your file – then they have no other avenues (which can cost you time and money – if a fee was paid for the appraisal).

A mortgage broker on the other hand does not use their own money.  They are able to shop the best rates, programs, and closing costs for their clients.  Mortgage brokers get their money from companies called Wholesale Mortgage Lenders.   Each Wholesale Lender offers different programs, different rates, and different terms.  Most brokers will have relationships with several Lenders to insure they are able to offer the most competitive programs for their clients.

Northeast Financial (that is us) combines the best of both.  We are both a Mortgage Correspondent Lender and a Mortgage Broker.  This allows us the ability to offer our clients great service and great rates and programs.  All while being able to close your loan quickly.

Call us today and lets talk about your mortgage options.  We offer FHA, CHFA (first time mortgages), USDA (rural), Veteran (VA), Jumbo, Conventional, Reverse, and Commercial Mortgages (great for investors).  Our office number is 860-788-7237 or you can call me directly at the numbers below.

Thanks,

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

NMLS#117273 

 

http://www.zillow.com/profile/MichaelMeyer8/

https://www.linkedin.com/company/north-east-financial

https://www.facebook.com/pages/Northeast-Financial-Mortgage/143761005796033

 

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