Mortgage Brokers

Mortgage Brokers
Mortgage Brokers are loan professionals that work with several financial institutions to find the best interest rate, term and type of loan to suit your needs. Make sure you get to know your mortgage broker before you commit to them. Be careful you are not charged any junk fees. Those are fees that are not paid to a third party, such as the title company, or appraiser etc.

Mortgage Lender
Mortgage Lenders may offer limited products and interest rates to you. All lenders have retail rates.

At Inter-Lake Mortgage Company, LLC we are always working online, you can E-Mail us at RBailey@Michigan-Inter-Lake-Mortgage.com, or call us at (616) 301-1811
for any reason. We can show interest rates, loan programs, closing costs, and payment. We do all the legwork so that you can evaluate the information at your convenience and contact us online.

Mortgage Loans
The reason to choose a Broker over a Lender is the wide variety of loan products. Each lender has a limited loan programs, each one has niche programs to offer over other lenders. The broker uses most of these lenders wholesale rates to find the best program.

Interest Rates and Terms
Inter-Lake Mortgage Company, LLC has a large database of lenders to find not only the best loan program, but the best interest and term for you. Most lenders offer retail interest rates to their customers to cover the cost of the loan officer's salary, commission, benefits. The broker has the advantage to receive wholesale interest rates from lenders, because it's less costly for the lender to purchase your loan.

Initial Application
First of all if any mortgage broker or Lender charges any type of application fee or deposit - RUN. Most of the time this is non-refundable. A financial officer can make a good living just by taking an application fee and never doing a loan. A broker who does not require an application fee is motivated to find the best loan program for you. The whole purpose of doing a loan with any financial institution is to work for you to save time and money.

Loan Process
Inter-Lake Mortgage Company, LLC needs to have a personal relationship with you and the processor to get your loan done the quickest way possible. Lenders will pass your information to the processing department and you may never hear from your loan officer again.

Mortgage Closing
A broker is motivated to close your loan as quick as possible and to your satisfaction. The reason is that most brokers are commission only employees, so the broker wants to close your loan ASAP, they also rely on their customers for referrals so they will always have loans to close.

Both brokers and lenders have their place in the financial industry. The key is finding the right one to work with. See Questions to ask a broker form The only reason I would use a lender is if you know someone and you have done a lot of business with.

Inter-Lake Mortgage Company, LLC is a full service wholesale mortgage company specializing in home loans and refinancing. Whatever your residential financial needs, we will tailor a loan that's right for you. We have loan brokers through-out the state whose job it is to find the right loan at the best possible rate to meet your every need.