If you want to know if it’s cheaper for you to get your mortgage from a local mortgage banker or a big bank, stick around and find out.
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I’m Phoenix real estate agent John Cunningham with exp Realty. Find the home that you’ve been dreaming of, let’s do your research. Get rid of the noise and find your neighborhood. Do that by subscribing and to get thousands back on your home purchase checkout by cash back. Plan to get movingkit.com link in the description.
Okay Tom, so what sets you apart from the big banks?
The one huge benefit, John, uh, that we have that we can provide that somebody go into one of those big retail boxes can’t, is that when you go into one of them, you’re only getting their rate. They’re not shopping around to go anywhere else. Whereas we, we take a profile for a client and we go to hundreds of banks to figure out where do we find the best rate, the best deal for them. And then we take that, that loan to that bank. I think when you look at walking into any big bank and getting a retail rate and where we are on a wholesale rate, you’ll find a quarter to a half a point difference that we’re going to be better.
All right Tom, I have a point.
Doesn’t sound like much. It sounds really tiny but I know and you know, it adds up to a lot on a $400,000 purchase and today’s interest rates, the difference is about $115 a month in your payment and over the course of 30 years, that adds up to over 40,000 big ones. But Hey, they probably make it easier, right?
I think you’d find ours is more streamlined actually. Um, we do most of our stuff electronically. Um, we can close loans in two to three weeks. You’ll find the big banks just because it’s a bureaucratic process, it gets handed off from person to person to person that they are closer to four to six weeks to close.
And you know, one of the things that I love about sending my clients to market line mortgage is they get to work with you directly.
Yeah. The big banks, you know, you could go from a processor to an underwriter to a doc department to funding, um, and maybe even a loan officer in the midst there. Whereas when you come here, you get to deal with the owner of the company and between myself and Annie, we will handle everything from start to finish.
And Tom, what about those online companies that run their business from a rocket ship and outer space? You know what I’m talking about.
I think you find that we compete number one on service and number two on rate and specifically where the client drives to is rate. And that is because as you, as you’ve realized, take that company as as an example, they’ve got a huge operation, they’ve got a lot of buildings, they’ve got a lot of overhead. When you look at somebody like us where we’re a family run business where we don’t have all of those other layers that we have to pay as we go through the process. We always compete with those guys.
And you know Tom, sometimes I think people are just attracted to the anonymity of an online application. You know, they don’t actually have to talk
to somebody. I think it always, my first thought is that they feel like we’re associated with the bank so they don’t want to talk to us or, or tell us something maybe about their situation. So I think that initial phone call is, is important to build a little bit of trust and for them to understand that we’re on their team, not working against them, but if someone did, if they just want to do apply online, is that cool? We’ve set our system up to where we could work with anybody either electronically or over the phone. I just think you have a better interaction over the phone. I think you get to answer more questions over the phone, and I think when you walk away, you become more knowledgeable about the process over the phone, which I think that’s an important piece, especially for somebody going through it for the first time. If you’re thinking about buying a home or building one from scratch, check out our other two videos. I’ll see you there.