Consumers have several choices when it comes to obtaining a mortgage loan. Generally speaking, the three main sources of obtaining a mortgage loan are Banks and Credit Unions, Mortgage Bankers and Mortgage Brokers (although the number of mortgage brokers has diminished in recent years).
It’s not uncommon for homebuyers to look to their bank or credit union due to convenience and as it may seem to be a logical choice to provide their mortgage financing. If you have been a long time customer of that bank or credit union, you might also feel that your loyalty would come into play. While that’s a nice thought, the reality is that it’s very unlikely to make any difference, in spite of what the bank or credit union would like you to believe. It’s not that these financial institutions can’t provide you with a mortgage loan, as an industry they provide millions of loans to consumers each year, it’s just that they are not necessarily the best or only choice.
Mortgage Brokers tend to fill a niche in the marketplace by offering loans that banks and credit unions may not typically offer, in addition to standard loan products. This may include loans for borrowers with low credit scores or loan products that address special borrower needs such as alternative documentation. Mortgage Brokers like to claim that as they work with many lenders, they can “shop around” to find you the best deal. Mortgage Brokers are not the lender. They work with other lenders. They do not underwrite and approve the loan, nor do they fund the loan with their own money or service the loan. This can cause delays in closing and compromise customer service.
Axia is a “Mortgage Banker”. As a mortgage banker, we operate much in the same way the largest banks do in terms of the mortgage products we offer. Axia originates, processes, underwrites, approves and funds all of our FHA, VA and Conventional loans. Everything is handled internally. Like the largest banks, Axia is a “direct lender”, meaning that we work directly with both Fannie Mae and Freddie Mac, companies that help to provide the liquidity in the mortgage market and ensure that lenders have the ability to fund millions of dollars of loans on a continuous and uninterrupted basis. As a Mortgage Banker and Direct Lender Axia enjoys many of the same competitive advantages that the big banks do which allows us to provide our borrowers with very competitive rates and fees, as well as a large offering of mortgage products.
So why choose Axia Home Loans over a bank or credit union? Think of Axia Home Loans as you would think of a Surgeon vs. a General Practitioner. Banks and Credit Unions have numerous ways of making money. They can offer car loans, credit cards, lines of credit, commercial loans, and other products and services that earn them income. As a Mortgage Banker, Axia Home Loans has only a single product line; mortgage loans. We have to be better. By having only a single product line, residential mortgages, all of our resources are committed to just a single goal, providing Axia Home Loans customers with the best value and customer service in the industry. We have some of the best Loan Originators in the business. We enjoy working for a company that is big enough to provide the products and support our customers need, but not too big to be unresponsive and detached from the needs of the individual borrower.
Axia Home Loans customers will enjoy a better home buying experience as it all begins with a better mortgage loan experience. Call me today or connect with me online to learn more about the “Axia Advantage”.