Client and Professional Feedback
BBB A+ Rating
Loan App Checklist
The Loan Process
The Perfect Loan File
Are You Pre-Approved?
What is a credit score?
Your FICO score
Getting Your Credit Report
Improve Your Credit Score
Fixed Vs. Adjustable
Should you buy points?
Mortgage Saving Tips
Loan Application Info
Closing Costs - Insurance
Closing costs - loans
How Escrow Works
Real Estate Glossary
9 Steps to Ownership
How to Sell Your Home
Paying Your Loan Early
When to Refinance
Government Loan Programs
Daily Rate Lock Advisory
Mort Mkt Wk Review Dana Bain June 17th, 2019
Home Price Index
Premiere Mortgage Services Inc. - Dana Bain
Mortgage broker or direct lender Dana Bain MLO 18693
March 20th, 2014 4:44 PM by Dana Bain
Mortgage broker or direct lender?
When I need a mortgage, more often than not I’m going to use a broker, for the following reasons:
Wholesale mortgage brokers will always have access to lower interest rates because of the fact that the bro
ker does all of the work on the loan, from origination to qualification to submission to closing; a “direct lender” will have at least two to three people within the bank that will need to work on the loan to get it to closing and all of them will demand a paycheck.
How much can a broker save you on a mortgage? According to Zillow, between a quarter and half a percentage point. That may not sound like a big deal, but borrow $300,000 at 5 percent, and you’ll pay a total of about $280,000 in interest over 30 years. Raise the rate by half a percentage point to 5.5, however, and your total interest bill rises to $313,000. That’s $33,000 more — enough for a new car.
Brokers are also more likely to find specific programs that meet your personal needs. When you go to a direct lender, they’ll attempt to fit your loan into their available programs. An experienced broker, on the other hand, will start with your situation and find the lenders or programs that best suit you.
A broker may also have access to lenders you don’t. Brokers often deal with private lenders that don’t deal directly with the public.
Since they’re often working on commission, no deal means no payday for brokers. That means they’re more likely than a bank to show you only the loans you’ll be approved for.
Finally, they’re less likely to keep “banker’s hours,” meaning they’ll likely be more responsive in the evenings and on weekends.
For more on this please see:
Posted by Dana Bain on March 20th, 2014 4:44 PM
Post a Comment
Subscribe to this blog
ARE YOU ASKING YOUR MORTGAGE LENDER THE RIGHT QUESTIONS DANA BAIN
The Year Ahead
Mortgage Rates Lowest Since September After Jobs Report
FHFA Announces New Loan Limits for 2019
To RENT or To OWN
Mortgage News Week in In Review October 29 2018
October 29 2018 Mortgage Market News Week In Review Dana Bain
Mortgage Market News Week In Review Dana Bain
Looking for home mortgage rates in Massachusetts & New Hampshire Get Pre Approved Dana Bain BainMortgage
Historic Mortgage Rates by Decade - Dana Bain BainMortgage.com
First-time home buyers and their $8000 credit -- NOT a make or break deal!!
The answer to the Economic Recovery :-)
The Follow Video Link Is A Must See Regarding 'The government is promoting bad behavior'
The BANKS -- LENDERS --- WALL STREET that "prey" together, stay together.. Part Two..
The banks and Lenders that "prey" together, stay together!!
From Fannie and Freddie, Here Come the Fee Increases --Counterproductive & will cost he consumer$$$$$$$
Consumers & Colleagues -- IMMEDIATE ACTION REQUIRED!
Some Lenders drop mortgage brokers- That may be bad news for consumers because fewer brokers could lead to a less competitive marketplace and more expensive home loans resulting from consumers not being able to easily comparison-shop rates.
CNBC probes financial crisis in "House of Cards"
Protecting The Mortgage Broker Will Protect Competition & Ultimately The Consumer. The Big Banks Such As B - A and such are trying to create a MONOPOLY. Write Your Representative Today to Protect The Mortgage Broker and Your Wallet from a Monopoly like B-A etc...
Jumbo Mortgage Borrowers
Mortgage Rates Likely Headed to 4.5%: Pimco's Gross By: CNBC.com | 09 Feb 2009 | 10:31 AM ET
Now this from Sen. Charles Schumer, D-N.Y., THIS GUY JUST DOES NOT GET IT!! TAKE ACTION!!
PREVENT- The Home Valuation Code of Conduct
What is a Good Credit Score to Buy a House Dana Bain
What is a Residential Mortgage Credit Report RMCR Dana Bain
Mortgage Market News Week In Review October 1 2018 Dana Bain
Why Do You Need A Pre-Approval
Mortgage Market News Week In Review July 30 2018 Dana Bain
Mortgage Market News Week In Review April 30 2018 Dana Bain
Top 10 Reasons to Choose a Mortgage Broker vs a Banker Dana Bain
Warrantable Non Warrantable Condominiums
The truth is not all credit reports are created equal Dana Bain BainMortgage Premiere Mortgage Boston Harbor Mortgage
Purchaing A Multi Family Dana Bain BainMortgage
Homeowners with home equity loans may no longer be able to deduct from their taxes. Dana Bain
Tax Cuts and Jobs Act of 2017
FHA Down Payment and Gift Rules Dana Bain
What To Save For Now That You Are Married
So Why Do Mortgage Rates Change So Much
Mortgage Broker shops have an advantage over those at big banks and mega retail lenders because they have access to hundreds of lending options
Loan officers at broker shops have an advantage over those at big banks and mega retail lenders because they have access to hundreds of lending options
Mortgage News September 4 2017 Dana Bain The Market Price Leader In Massachusetts Best Mortgage Rates
Great Mortgage Information Dana Bain BainMortgage Mortgage and Credit Score Factors
Does writing a letter to the seller give buyers an advantage The pros and cons
Mortgage Week In Review July 17th, 2017 #DanaBain
NAR and ZILLOW Dana Bain
Mortgage Week In Review July 3, 2017 #DanaBain
Why now is a great time to buy and sell a home Dana Bain
Inventory Shortages Are Slowing Down the Market Dana Bain
Recommendations A+ Rating BBB Dana Bain Commited to Being Your Trusted Financing Partner and Price Leader in Your Neighborhood
Mortgage News July 12 2017 Dana Bain
Mortgage Week In Review May 15, 2017 #DanaBain
A Complete Guide To Buying Your First Home Dana Bain Premiere Mortgage
Mortgage Market News May 8 2017 Dana Bain Premiere Mortgage
What does a mortgage loan originator do Dana Bain Premiere Mortgage Services Inc
Mortgage Market News April 24 2017 Dana Bain Premiere Mortgage
Mortgage Market News April 3 2017 Dana Bain Premiere Mortgage
Premiere Mortgage Services Inc Lender Bank List Dana Bain
Spring 2017 Real Estate Sales Tips
Why pay PMI when you dont have to Dana Bain Premiere Mortgage Services Inc
What is a Debt-to-Income Ratio (DTI) and How is it Calculated?
Uneployment rate numbers Mixed and The Housing Market
LTV Loan To Value and Credit Score Adjustments What is an LLPA
FHA Debt to Income DTI Ratios
Mortgage Rates Today Thursday Nov 10 Mortgage Rates Up After Trump Win
The Residential Mortgage Application Process Know Before You Owe TRID Rule Dana Bain
Premiere Mortgage Services, Inc. is celebrating their 20th Anniversary Dana Bain Robin Dunbar Bain
Why is it important to know what is on your credit report Dana Bain
What Funds Are Eligible For Use In A Mortgage Loan Dana Bain
Don't Use APR To Shop For A Mortgage - Compare The Zero Closing Cost Mortgage
TIME TO REFINANCE OR A PURCHASE MORTGAGE OPPORTUNITY IS KNOCKING
Shopping Around for a Mortgage Can Save You Thousands
Mortgage rates drop following the Jobs Report
Reasons to Be Enthusiastic about the Housing Market
Buy Again After Bankruptcy Short Sale Foreclosure Dana Bain
Which direction are interest rates likely to move within the next year Dana Bain
Great way to shop apples to apples is to get a live quote on a true no point & no closing cost mortgage Dana Bain
What is a No Points and No Cost Mortgage Dana Bain
Advantages of a No Cost Mortgage Dana Bain
Things Real Estate Agents can do to help with the Appraisal Process
Purpose of the IRS 4506 T form Dana Bain
Mortgage Banker Mortgage Broker
TRID for Home Buyers and Sellers New Requirements Could Slow Closings
Frequently Asked Questions CFPBs TILA RESPA Integrated Disclosure TRID Rule
Getting a mortgage may take longer under new TRID rules
What does a post-TRID world look like
TRID May Force Lenders to Mothball 30 Day Rate Locks
TRID QUICK FACT SHEET
Mortgage Brokering is alive and well
NMLS Consumer Access website helps protect mortgage shoppers
How to shop for a mortgage.
Mortgage Approval Process
Stifel: FOMC will not raise interest rates in September
As Mortgage Rates Rise, Purchasing Power Falls
Debt-to-Income Ratio Dana Bain
What If I Wait Until Next Year to Buy?
Homeownership: A Key to Well-Being
How To Remove Soap Scum
Important Mortgage Update
Refinance if you can save money. Dana Bain Premiere Mortgage
What will influence mortgage rates in 2015 Dana Bain Premiere Mortgage Services Inc
Failure to Refinance Proves Costly
You Know It is Tough Market When Bernanke Can Not Refinance
Top 10 Reason to Choose a Mortgage Broker vs a Banker. Dana Bain Premiere Mortgage Services Inc
Questions to Ask Your Mortgage Lender Originator Loan Officer Dana Bain
"Always compare the zero-closing cost mortgage" Dana Bain
Closing-cost credits: Only some lenders are offering them to mortgage applicants Dana Bain
The new mortgage rules that are likely to affect your mortgage application & qualifying.
Purchasing A Home Time To Refinance Dana Bain
New Dana Bain Mortgage Broker Reviews YouTube Channel Launches This Month Boston.Com
Handy reference on waiting periods after derogatory credit Dana Bain Premiere Mortgage Services Inc
Mortgage News August 11 2014 Dana Bain Premiere Mortgage Services Inc
What's missing from the housing recovery
Getting a Mortgage: Why SO MUCH Paperwork
Mortgage Newsletter August 4 2014 Dana Bain Premiere Mortgage BainMortgage.com
When can I remove private mortgage PMI insurance from my loan
Dana Bain Becomes One of the Highest Rated Mortgage Firms
Closing-cost credits Only some lenders are offering them to mortgage applicants
Closing-cost credits: Only some lenders are offering them to mortgage applicants
Top LO performers have six things in common, every LO can implement
With Mortgage Rates So Low What’s Holding Back Housing
This table lists, in rank order, the top 25 wealthiest ZIP codes in Massachusetts
Mortgage brokers go the extra mile
Mortgage broker or direct lender Dana Bain MLO 18693
Home Buying Mistakes.
Mortgage Commentary News Feb 26, 2014
Why Your FICO Score Matters for Mortgage Application
Mortgage rates hit three-month lows as stocks dip
If you're going to refinance, first do this: Spruce up your house
Will The Fed Continue Tapering As Expected Dana Bain
Signs You May Not Be Ready For A Mortgage Yet!!
Here's how one positive credit habit could prevent you from getting a mortgage
Ability-to-repay rule: The good, the bad and the ugly
How Can I Secure a Low Interest Rate During Federal Tapering?
The Wholesale Channel Advantage
The 7 Steps to Buying a Home
5 Rules for Homebuying in 2014, and Beyond
It's Time to Fix the Housing Finance Market
Changes to flood insurance mean higher costs
Stricter mortgage rules take effect Friday, January 10th, 2014
Should You Pay Off Your Mortgage Early Before You Retire?
6 Things Real Estate Agents Wish You Knew
CFPB Rules Take Effect on January 10, 2014
The Difference Between A Pre-Approval vs Pre-Qualify Dana Bain Premiere Mortgage Services Inc. www.BainMortgage.com 978-422-2311
Pre-Approval vs Pre-Qualify Dana Bain Premiere Mortgage Services Inc. www.BainMortgage.com 978-422-2311
Is It Better to Buy or Rent?
Guess the Unexpected Best Time to Buy a Home
Interest Rates Play Havoc with Banks, Bonds and Borrowers
Mortgage Rates On The Rise Is the Refi 'Apocalypse' Really Upon Us?
An Enigma in the Mortgage Market That Elevates Rates
Mortgage Fees Going Up to Lower Government Involvment
Yes, Subprime Crisis Was Government's Fault
Hope of a Sept Fed Stimulus Fades Fixed Mortgage Rates Move Higher
Why Millions of Americans Still Can't Refinance Their Mortgage CNBC
Mortgage rates in uncharted territory Despite record low rates, demand for purchase loans down from last year
Boston Fed’s Eric Rosengren predicts slow growth, calls for more action to help economy
Getting the Best Refinancing Deal Dana Bain Premiere Mortgage
Mortgage Guidelines Resume Tightening Nationwide Dana Bain
The April 2012 FOMC Statement And Its Effect On Mortgage Rates
The Perfect Loan File Approval Process
Mortgages Rates Higher At Fastest Pace in Months Mar 14 2012 Dana Bain Premiere Mortgage
5 Mortgage Relief Programs That Fell Short
Why You Need Title Insurance Dana Bain Premiere Mortgage Services Inc
Worcester County’s Million Dollar Mansions
Bank of America Says It Cannot Process All Refinance Mortgage Applications - Bank of America Says It Can't Process All Refinance Applications
Best Place For Refinancing Your Auto Loan Is A Credit Union. Best Place To Refinance Your Home Mortgage Premiere Mortgage Services Inc. BainMortgage.com
Who Owns My Mortgage Dana Bain Premiere Mortgage Services Inc. www.BainMortgage.com 9784222311
On appraisals, follow the money. HVCC
Fed to Hold Rates Low Until Late 2014
Stopping Trigger Leads - How Mortgage Loan Applications Result in Trigger Leads -- How Credit Bureaus Exploit Borrowers Through Trigger Leads
New Refi Rules May Offer Help to Underwater Borrowers.
10 Ways to Know If the Housing Market is Improving / How to Tell If the Recession is Over
Fred Glick on CNBC, The Good, Bad and the Ugly of the Housing and Mortgage World July 26, 2011
Homeownership is down and it needs to increase
The Hidden Truth In Your Mortgage APR.
U.S. Homes: Now the Best Deal in Recorded History
National Housing Survey: What America Thinks
Why Basing Your Mortgage on APR can be ill-advised Dana Bain Premiere Mortgage 978-422-2311
Mortgage rates drop to 2011 low Dana Bain Premiere Mortgage 978-422-2311
High-end mortgage guarantees to drop. May 11, 2011
May 9, 2011, 12:01 a.m. EDT Housing crash is getting worse: report
REALTORS from around the country share their views on our Political Survival
Burning Down The House What Caused Our Economic Crisis Bombshell
America’s Housing Paradox: Homes Are Affordable, But No One Will Buy
Fake Online Complaints or Disgruntle Competitors Dana Bain Premiere Mortgage Services Inc
Are You Paying $500 for an Appraisal That Costs $200 Thank The Fed and Andrew Cuomo
Signs of a Crummy Real Estate Agent
Mortgage denied: Sometimes, for no good reason
What Do Homeowners Say About Homeownership?
Fed Aims at Mortgage Fraud, Shoots Housing Market in the Gut. The problem with mortgage fraud wasn't broker compensation: it was the ease of the fraud and the incentives throughout the food chain for collusion. New Fed rules simply wipe out competitors to the "too big to fail" mortgage banks.
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Barney Frank in 2005: What Housing Bubble?
US Home-Loan Brokers Face New Limits On Pay
Sex, Soup and Single Mortgage
Can you benefit if housing experiences a double dip?
New loan officer compensation rules take effect April 6, 2011
Changes to the mortgage market beginning today (April 1, 2011)
Prices are low! Mortgages cheap! But you can't get one
Watch for Rising Mortgage Costs
Loan Costs Increasing April 1, 2011
Service Release Premium
Licensed Mortgage Professionals vs Bank Loan Officer & Loan Officer Compensation. Dana Bain
Mortgage Brokers Win Bid to Block Federal Reserve Loan Commissions Rule
Breaking News!!! No April Fool's Joke Appellate Court to Grant a Stay of the Fed's LO Comp Rule
Urgent Loan Officer Compensation Ruling / The Age of Democratic Capitalism Could Be Over!
The Federal Reserve Rule on Loan Officer Compensation Scandal.
Current State of the Housing Market Wednesday March 23, 2011 (Just the facts)
The following is a comical analogy of the FED'S Loan Officer Compensation Ruling.
How Can A Mortgage Broker Help?
Getting a Mortgage Before the Door Shuts
More Stupid Mortgage Rules from the Government: by Randy Johnson
Mortgage Loan Originator Loan Officer Compensation Dialogue Recording 2/23/2011
Borrower Cost & Interest Rates Continue To Rise. Dana Bain Premiere Mortgage
Who's Going To Originate these loans?
STOP The Fed Rule on Originator Compensation
How to Shop for a Mortgage Loan. Annual Percentage Rate, what is APR? - Dana Bain
Is your Mortgage Loan Officer NMLS licensed?
What is a Super Conforming Loan & What are the Loan Limits Per County:
Tighter Standards Slow Housing Market
The Aftermath of The Home Valuation Code of Conduct. Dana Bain Premiere Mortgage
Brokers and Realtors make final play to kill HVCC
US House To Push To Sunset Home Appraisal Code
Three Ways to Mess Up a Home Mortgage Closing
The Top 10 Credit Do's & Don'ts During the Mortgage Loan Process.
June 9, 2010 Fed officials send conflicting signals on rates.
How to qualify for the best mortgage rates you hear advertised
YSP - SRP - banks versus mortgage brokers - facts versus fiction - what is SRP?
Mortgage Applications Plummet To 13-Year Low As Tax Cuts Expire May 19th, 2010
7 Reasons Banks Reject Mortgage Applications, and How To Get Approved.
Great video by Fred Glick (CNBC interview with Maria Bartiroma) on the housing and mortgage rate direction. I agree with Fred's analogy.
Facts About Residential Real Estate Appraisals
Massachusetts mortgage & housing market.
Home Mortgage Rates Rise on Weak Auctions Mon, 03/29/2010
HUD Settlement Cost Booklet
March 16, 2010 Housing construction drops 5.9 pct in February
Last chance to refinance below 5%
NEW RESPA RULES TO TAKE EFFECT JANUARY 1, 2009 by Dana Bain Premiere Mortgage Services Inc.
Who Owns My Mortgage? by Dana Bain
Mortgage-Backed Securities (MBS) -“Secondary Mortgage Market.”
Mortgage Rates Have Hit All-Time Low Levels Again!
First-Time Home Buyer Tax Credit -- Frequently Asked Questions
Why Refinance? 11/16/2009 Dana Bain Premiere Mortgage Services Inc.
October 6, 2009 -- Mortgage Complexity.
September 29th, 2009 Dana Bain -- Getting Approved for a Mortgage is about to get tougher.
What determines mortgage rates?
Making Home Affordable Program
Premiere Mortgage Services, Inc. announces stepped up efforts to help NH and MA residents take advantage of tax credits and changes in an evolving real estate market.
Dana Bain of Premiere Mortgage Services, Inc. Celebrates 12 years of BBB Accreditation, A+ Rating
Why Basing Your Mortgage on APR can be ill-advised.
Realty Check with CNBC Diana Olick
What determines mortgage rates? Dana Bain Premiere Mortgage Services Inc.
3/4/2009 New Rules & Guidelines from Fannie Mae & Freddie Mac regarding refinancing homeowners who owe more than 80% of the value of their homes.
October 2018 (2)
September 2018 (1)
August 2018 (1)
July 2018 (1)
April 2018 (2)
March 2018 (1)
February 2018 (4)
November 2017 (2)
October 2017 (1)
September 2017 (3)
July 2017 (5)
June 2017 (4)
May 2017 (4)
April 2017 (1)
March 2017 (3)
January 2017 (1)
December 2016 (2)
November 2016 (4)
October 2016 (1)
September 2016 (1)
August 2016 (1)
July 2016 (3)
June 2016 (1)
March 2016 (2)
February 2016 (3)
January 2016 (2)
December 2015 (2)
November 2015 (1)
October 2015 (4)
September 2015 (1)
August 2015 (3)
July 2015 (6)
March 2015 (1)
February 2015 (2)
January 2015 (1)
December 2014 (1)
October 2014 (3)
September 2014 (1)
August 2014 (10)
July 2014 (2)
June 2014 (3)
April 2014 (2)
March 2014 (3)
February 2014 (3)
January 2014 (13)
December 2013 (1)
November 2013 (3)
October 2013 (2)
August 2013 (1)
January 2013 (1)
September 2012 (2)
August 2012 (2)
July 2012 (1)
June 2012 (1)
May 2012 (3)
April 2012 (1)
March 2012 (4)
February 2012 (4)
January 2012 (3)
October 2011 (2)
July 2011 (3)
June 2011 (1)
May 2011 (6)
April 2011 (22)
March 2011 (6)
February 2011 (5)
January 2011 (2)
June 2010 (8)
May 2010 (4)
March 2010 (7)
December 2009 (4)
November 2009 (2)
October 2009 (1)
September 2009 (3)
August 2009 (2)
July 2009 (3)
March 2009 (1)
February 2009 (14)
#FICO #CreditScore (1)
ARE YOU ASKING YOUR MORTGAGE LENDER THE RIGHT QUES (1)
Are you still paying rent? Call Dana Bain (1)
FHFA Announces New Loan Limits for 2019 DANA BAIN (1)
Historic Mortgage Rates by Decade - Dana Bain Bai (1)
Homeowners with home equity loans may no longer be (1)
Inventory Shortages Are Slowing Down the Market D (1)
Loan officers at broker shops have an advantage ov (2)
Looking for home mortgage rates in Massachusetts & (1)
Mortgage information (2)
mortgage loan originator real estate (2)
Mortgage Market News April 3 2017 Dana Bain Premie (1)
Mortgage Market News Week In Review April 30 2018 (1)
Mortgage Market News Week In Review July 30 2018 D (1)
Mortgage News September 4 2017 Dana Bain The Marke (1)
mortgage rates (1)
Mortgage Rates in Massachusetts & New Hampshire (1)
multi family dana bain (1)
No Cost Mortgage (1)
Premiere Mortgage Services Inc Lender Bank List Da (1)
Recommendations A+ Rating BBB Dana Bain Commited t (1)
Tax Cuts and Jobs Act of 2017 Dana Bain BainMortga (1)
The truth is not all credit reports are created eq (1)
TRID DANA BAIN 978-422-2311 (1)
What is a Residential Mortgage Credit Report RMCR (1)
Why Do You Need A Pre-Approval (1)
My Favorite Blogs:
Sites That Link to This Blog:
Add a new blog comment
Characters from the image above:
Your entry does not match the image, please try again.
Subscribe To My Blog
Characters from the image above:
Your entry does not match the image, please try again.