Why use Granite Mortgage?
Let's look at some reasons...
Granite Mortgage LLC is a Broker and since April 2011, all Brokers must price their loans the same for every borrower. Granite Mortgage is not allowed to make more money on unsuspecting borrowers. Granite Mortgage cannot “up-sell” you. This rule is not applied to Banks and Lenders and they can play with their pricing, rates and profit margins on a daily basis and that costs the borrowers money, LOTS of money.
Granite Mortgage has flexibility and resources to save you time and money. Here at Granite Mortgage, we pick between several lenders and get you the best pricing, fastest underwriting and we know which wholesale lender to send that “tough” loans to. A Bank or Retail Lender employee is stuck with their company’s pricing, rates, underwriters and time frames. If their company is on a profit spree or overwhelmed, you pay the price with increased fees and rates.
Mortgage Brokers must have licensing, fingerprint/background checks and several years of licensed experience to open up a Brokerage. This provides the public an experienced, seasoned and vetted Broker like Granite Mortgage. A Bank can (and often does) hire anyone without a license and no experience. Do you want to trust one of your biggest financial decision in the hands of someone that may not even have a mortgage themselves?
Is there really a difference?
Yes, and sometimes a LOT!
Below is a table showing the typical difference in fees for a given rate. This table assumes a $200,000 loan amount. As shown, there is typically 1.500% ( $3,000 ) more in fees when you use a Bank or Lender.