What Makes California Mortgage Broker Different from a Mortgage Lender

So, what’s the difference between a California mortgage broker and a mortgage lender, anyway? Let’s break it down!

What is a Mortgage Broker?

A mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together but does not use their own funds to originate mortgages. California mortgage brokers have the flexibility to work with multiple mortgage lenders to offer a variety of loan programs and products to their customers.

What is a Mortgage Lender?

A mortgage lender is a financial institution or mortgage bank that offers and underwrites home loans. Lenders generally have loan programs, products, and borrowing guidelines specific to their company. Mortgage lenders usually provide customers with only their own loans programs and products. This means that if their customer doesn’t fit into the programs they offer, they may not be able to provide financing.

The Benefits of Using a California Mortgage Broker

Can you guess which one New Way Mortgage is? If you guessed that we’re a mortgage broker, you’re right! Here are some of the benefits of using us to finance your home.

Flexibility

We have the ability to shop different mortgage lenders, programs and products, and interest rates to find the best fit at the lowest cost for you.

We can also help more borrowers that don’t fit into traditional financing scenarios because we have a larger selection of loan programs and products to choose from.

For instance, you may have recently heard that jumbo financing has gone away, or that specialty loan programs have temporarily suspended due to COVID-19 and a liquidity crunch some mortgage lenders are facing.

Just because some banks are experiencing restrictions or are no longer offering certain programs doesn’t mean they all are. One of the major benefits of using New Way Mortgage is that we have the flexibility to shop your loan with a variety of mortgage banks to find the right program for you.

Customer Service

As a mortgage broker, we take pride in making sure our customers know they are not just a number in the queue that we will get to when we have the time.

At New Way Mortgage, we aren’t juggling 10,000 loans at once, which allows us to provide customized service to every client we work with. Call or send us an email at any time, and you’ll get a reply right away.

The reality is that a mortgage lender is processing several thousand loans at one time. In times like these, when interest rates are volatile, loan volume is at an all-time high, and the lending world is changing by the day, customer service is the first to go. NOT at New Way Mortgage!

Customer service is our number one priority. Our team of experienced mortgage professionals is standing by to answer your questions and help guide you through the loan process.

Savings

As a mortgage broker with a unique business model, New Way Mortgage is able to pass along HUGE savings to our customers.

Because a mortgage broker doesn’t have the same cost of business as a mortgage lender does, we are usually able to pass along savings to borrowers in the form of lower fees and/or reduced interest rates.

Our team of experienced loan officers doesn’t earn a commission. Because we don’t have the same cost per loan as a mortgage lender would, we’re able to pass along more savings to our customers. That’s a benefit to you both short term AND over the life of your loan!

If you’re ready to experience the difference of using a mortgage broker, please reach out to us at hello@newwaymortgage.com or by calling or texting us at (916) 465-6NEW. You can also visit our website at newwaymortgage.com to learn more or get started with the application process online!­