Two Rivers Mortgage Company vs. Banks & Credit Unions
At Two Rivers Mortgage Company, Inc., we are mortgage brokers. We are the only mortgage brokers in LaSalle County and one of the few mortgage brokers in Sangamon County. So let's take just a few short minutes to go over why you want to do business with a broker and not a local bank.
We have more access.
Local banks do not have that many options available to you. This is based on their board of directors comfort level with taking risk. You will find that some will only offer you 20% down payment purchase and refinance loans and only if you have a really good credit score.
At Two Rivers Mortgage Company, we represent numerous wholesale lenders that have a wide variety of options. We can lend to you with a credit score as low as 580 and have programs that only require 3.5% down.
We have lower rates.
Local banks have to markup your mortgage rate because they have to pay for their overhead expenses. They have retail locations that they need to staff, furnish, advertise, and pay the monthly maintenance costs. All of this adds up. It's not wrong of them, it's just simply their business model.
At Two Rivers Mortgage Company, we represent wholesale lenders that do not have a retail strategy. You've likely never heard of them and would never find a branch bank. Sure they do employ people, but the number of people it takes to run a wholesale lending company is far less than what it takes to run a full service bank that includes checking accounts, ATMs, debit cards, certificates, savings accounts, and the whole works. Because our wholesale lenders' overhead and expenses are not as substantial, they pass the savings onto you by giving you a lower rate.
We make money through the wholesale lender, not off of charging you fees.
This is a very important distinction. Many local banks will charge you an origination fee, application fee, and many others so that their loan officer can get paid on the deal.
At Two Rivers Mortgage Company, we are paid through the wholesale lenders that fund your mortgage. Since we are not a holder of your mortgage, they pay us for bringing your mortgage to them. This means much lower fees for you.
Local banks and credit unions have the right to sell your mortgage and often do.
This is a story we hear often. A customer went to their local bank or credit union because since they were a child, they had an account there. They wanted to keep the mortgage local at the same place they had always done business with since they were barely able to see over the counter.
Unfortunately, in today's climate, local banks and credit unions do not have the deposits on hand necessary to keep the mortgages. Often they will solicit your mortgage at a higher rate of interest and then 2 months later sell your mortgage to a mega bank who then services your account. Don't be tricked into paying a higher interest rate for nostalgia's purpose. At Two Rivers Mortgage company, we only deal with wholesale lenders that will give you a lower interest rate and lower costs than any of the local competing banks or credit unions.
We help you improve your credit score.
Time and time again, we have customers that tell us that they simply flat out got denied by their bank or credit union. They just said no and told them to improve their score and come back. They didn't offer any suggestions or give them a game plan.
At Two Rivers Mortgage Company, we do the exact opposite. If your score isn't quite there yet, we will give you a software generated plan to tell you exactly what to do to improve your credit score. With us, it will never be a NO, it will be a NOT YET. The plan will tell you exactly which steps to take and how many points you will gain by each step. Because really, who wants to just guess when it comes to their credit score?