Residential Home Funding (mortgage broker) ~ any experience?

Looking for any feedback, TIA!

Re: Residential Home Funding (mortgage broker) ~ any experience?

I am not familiar with that mortgage broker, but unless you have a very hard to place loan, I think it's usually to a buyer's advantage to go to a direct lender (be it a mortgage bank, a commercial bank, or a credit union).

It's usually cheaper than using a broker, and your loan officer has more control over the process (as he deals with the underwriters in his own lending institution). A mortgage broker will need to place your loan with a lender, and I've had situations that have turned bad for my clients because the mortgage broker did not know what was happening with the lender and what the potential issues were. There's less transparency, so sometimes the mortgage brokers can't close the loan in the end becuase the bank they put the loan with won't. With a direct lender, a good loan originator can spot potential issues at the outset and consult with the underwriters on it upfront.

I've also had clients successfully use mortgage brokers without a hitch, but in my experience, it's the less desirable route!

Re: Residential Home Funding (mortgage broker) ~ any experience?

We used them for our re-fi with our last home and our purchase for this house and they were great!

Re: Residential Home Funding (mortgage broker) ~ any experience?

Thanks for the feedback! They are actually a bank. I was wrong. This whole process is making me crazy!