Hi, I realize it is best for a first time homebuyer to obtain the services of a "Mortgage Banker" and to avoid a Mortgage broker.
The problem is when I type "Mortgage Banker" into a search of my local area, I don't see a cut and dried term for what shows up.
Case in point, I have spoken with a "Mortgage Group" initally and after they inquired lenders for me I was told to wait until the end of April.
That's fine, I understand why. My issue is the Mortgage group representative I felt was steering me into a higher payment then I wanted, and
he discouraged me from a modular home setup that I asked about because they are not as expensive overall.
I am 51 yrs. old and single. I live in east Texas ( not tornado alley) and if something happens to the roof of your home here, homeowners insurance
does not pay for much. It is very expensive to insure a home in this state and a given that your roof will eventually need repair. The repairs are
quote unquote, thru the roof!
I walked away from the inquiry feeling like no matter how highly recommended and reviewed and expert someone is, if they are in the mortgage business
it is in their best interest to sell me as expensive a mortgage as possible.
My question is, is a "Mortgage Group" a mortgage banker or a mortgage broker? I am clearly not interested in utilizing a mortgage broker. Clarification, please?
