Why Use A Mortgage Broker
Instead Of A Bank?

Obtaining the right mortgage loan

Mortgage brokers do not lend money. They provide services that allow for an entirely different level of customer care that can make getting your mortgage much more "hassle free."

Most people think that going to a bank will save time and money ... WRONG!

What the banks will not tell you is that the mortgage industry has a two-tiered mortgage rate schedule. Banks work with retail mortgage interest rates, and they are limited by their own rates, pricing and underwriting guidelines. AMX Funding has access to wholesale mortgage interest rates and more relaxed underwriting guidelines.

Do you assume that your local bank serves your best interest? That a big bank, Credit Union or Thrift mortgage products are better? Don’t believe any of it. With the economy slowing and big losses looming in the mortgage market, banks are looking for reliable revenue streams. Hence new mortgage fees. And the myth your bank will portfolio your mortgage and services it, is far from the truth. Yes they keep the mortgage loan for thirty to forty five days, then the mortgage is sold, the bank receives a servicing fee collecting your monthly mortgage payment.

Last year, the Government Accountability Office sent investigators to see how banks explained their fees and other conditions. Though banks are required by law to make this information available, the GAO said one- third of the banks/branches it surveyed failed to provide the required information. Worse, more than one half didn’t have any fee information on their websites.

So, why are there two tiers in mortgage rates?

Banks have to recover their large operating expenses, from Board of Directors fees to payroll for the president, executive vice-presidents, senior vice-presidents, vice-presidents, loan officers, administrative people, tellers, etc. ... not to mention the bank's branch network, ATM's and support systems. You, the consumer, pay for these operating expenses in higher mortgage interest rates.

Mortgage Brokers are different

Mortgage brokers like AMX Funding Company are able to shop for different rates and pricing. Therefore, you can usually obtain the exact loan you're looking for with rates that you deserve by using a mortgage broker. At AMX Funding Company, our rates will always be less than the banks, saving you thousands of dollars in finance charges.