Where can you get a home mortgage loan?

Depending on where you meet an MLO, Mortgage Loan Originator, there are three usual places. MLO is the only one authorized expert to talk about home mortgage loans. You should meet an MLO if you want to get a home mortgage loan.

Banks, Direct lenders, and brokers. Of these, the Direct lender is the fastest and gives the best interest rate.

Commercial Banks

Banks like Chase, Bank of America or Wells Fargo are where you can get a mortgage loan. Consultation is available at any branch of the bank if there’s an MLO.
However, it is not easy to meet an MLO. Usually, when you go to a branch, there is no MLO, and if you leave your contact information, an MLO calls or consults by email. When?

And because the organization is large, there is a disadvantage that it takes a lot of time. The bigger downside is that banks screen and filter out people who need loans. So, to get a loan from a bank, all the documents, including Income, must be perfect.

Direct Lender

Direct Lenders are banks specialized in mortgage loans such as us, the Nexcap home loans.

The biggest advantage of Direct Lender is that almost any decision can be made by an MLO, meaning the process goes fast. It is because MLO is a part of the lender, and the lending process works inside. In addition, direct lenders do not make various inquiries like commercial banks.

For example, if you have a paper problem to prove your income, direct lenders can solve it with their own money called portfolio loans.

Brokers

A broker is an office where MLOs gather.

The biggest advantage is that there are different loans from different lenders. However, this variety also means that it can take a long time. In addition, MLOs can’t decide anything easily because MLOs just introduce different lenders who decide. That’s why it takes long time.