DEAR BOB: In a recent article you recommended a home buyer get pre-approved in writing by a mortgage lender. You said to be sure the approval comes from a lender, not a mortgage broker. Since you didn’t elaborate, it sounded like using a mortgage broker was a bad idea. As a mortgage broker, I realize there are some mortgage brokers who give the rest of us a bad name. But we honest mortgage brokers provide very valuable services. At our mortgage brokerage, our pre-approvals are based on underwriting approvals from the actual lenders. Also, only the actual lender can issue an interest rate lock-in, and we just pass the information to our borrower. Our lenders are wholesale, not retail, so they offer lower rates. For example, we offer about

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top