What is the difference between a bank and a mortage company when applying for a mortage.?

Question

I am considering a mortgage and am concerned about getting ripped off from a mortgage company.{not that banks are much better}.But,anyway, can somebody tell me the best way to go and what to watch out for..........thanks.

Answer 1

No huge difference.  I buy lots of house and i would use both.  The bank has the money it is going to loan you.  If they give you a written "lock" on your loan, they have the money to back it up.  Some banks are very bureaucratic.  They take 60 days to process a loan that could have been done in 10 days.

Mortgage companies (in this case you are really meaning "mortgage broker") don't have any money.  That can be great if they find an interest rate from an "investor" who really wants to do your loan. But their lock letter is more suspect. Is it signed by the investor who has the money or by the mortgage company that does not? /

Answer 2

well..its a REAL risky business.... you will need a real estate agent to negotiate with the BANK or MORTAGE COMPANY.... try to deal with ur agent and BANK...stay away from mortgage companies... consider them the middle man