Years ago it was easy to buy a house, you just go to the bank, where maybe where your neighbors are working, and they can simply fill out some papers, and then you are on your way. There are so many choices you can get for your mortgage broker when buying a house or property.
There are mortgage bankers, mortgage brokers, appraisers, escrow officers, lawyers, landscapers, home sellers, etc. There are so many decisions to make who are used to anything. The mortgage banker in Ontario is usually better at promoting specific programs such as first-time buyers when operating with state and local governments.
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They are large enough lenders originating loans. Mortgage bankers come in all sizes and perform different functions in addition to mortgage lending and wholesale lending divisions of their own.
There are many instances when a mortgage banker can achieve something other types of lenders can not. For example, because of their size and the various departments, they have more knowledge and a different way to explore from a mortgage broker will have about the intricacies involved when working with FHA or VA loans.
If the borrower tries to buy a house in a development house that has not been approved by either the FHA or VA, and therefore they normally would not be able to get a mortgage loan, mortgage banks are stronger and know how to use their strengths when it comes to coming up with a solution for borrowers who are stuck in this position.