There are many benefits to using a Michigan Mortgage Broker for your home loan. Mortgage brokers in Michigan are all licensed by the National Mortgage Licensing System (NMLS) and the state of Michigan. To be a licensed Mortgage Broker you must have taken hours and hours of classes and training and have passed extensive exams to prove your knowledge. In addition to training, they must have at least 3 years of experience directly in the Mortgage Business. A bank loan officer is able to do loans on their first day with no training, licensing or classes. Who would you rather take advice from for your largest investment?

What are the Advantages of using a Mortgage Broker?

• Shop multiple banks at one time
• Save on closing costs
• Have the lowest mortgage interest rate options
• Have access to a wide variety of home loan programs
• Have personalized service for your mortgage
• Professional expert mortgage advice
• Support a local business in your area

Yes - Mortgage brokers in Michigan do the same loans as a bank. These days most mortgages are going to fall into a few categories; FHA mortgage loans, conventional loans and other government programs such as VA loans for Veterans and USDA Rural Housing loans for home owners in rural areas.

Does a Mortgage Broker save money?

FHA mortgages are exactly the same terms from a mortgage broker vs bank loan; the only difference is the interest rates and fees offered and of course if you are able to get your home loan approved. Most banks are very strict on their underwriting guidelines whereas a loan broker may have options for Bad Credit Mortgages with lower interest rates and lower financing fees.

No. Mortgage Brokers do not cost more for home loans. While we cannot speak for all mortgage brokers, Riverbank Finance LLC does not charge their clients fees for most mortgage programs. That's right, you pay zero fees for our services. With lender paid compensation we get paid only by the bank or lender that we fund your loan though. This means that we add no extra costs or fees for our clients and can help save you money.

Why use a mortgage broker vs bank loan?

Banks love loans from mortgage brokers and are glad to compensate us for our work because we also save them money. They do not need to pay mortgage brokers benefits, overtime or expenses for the loan process such as credit report fees, office space and utility bills. This is why they offer mortgage broker wholesale or discounted mortgage rates to offer to our clients. It is win win for everyone using a mortgage broker.