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Bank vs Broker- How to Choose a New Jersey Mortgage Company
from: John DiDomenico- "New Jersey Mortgage Pro"Choosing a New Jersey Mortgage Company can be quite confusing and stressful. Understanding the difference between your local bank versus a mortgage broker could mean the savings of thousands of dollars. Your local bank has certain guidelines and criteria it must follow. These restrictions often limit the loan products which are available to you. It’s essential to ask your bank which type of credit borrowers they specialize in, also known as Prime and Sub-Prime Borrows. Knowing this can give you a better understanding of the lending institution your dealing with. Mortgage Brokers on the other hand are often smaller companies that have an abundance of resources when it comes to getting you the money you need. New Jersey mortgage brokers are not often restricted to one lender’s guidelines. Therefore, weather it be foreclosure bailout, bad credit refinance, no money down purchase etc, a mortgage broker has a better chance of getting you the loan. Like a bank, a mortgage broker will charge an origination fee to obtain you a loan. However, since a mortgage broker has a larger network of mortgage lenders they can often find you the best deal. The more product knowledge you have when shopping for a mortgage, the more power you have to get the best deal.
About the Author
John DiDomenico is the founder of BestNewJerseyMortgages.com who helps educate homebuyers and homeowners on their purchase and refinance needs via the http://www.bestnewjerseymortgages.com website. To find a home mortgage loan that best suits your needs visit http://www.bestnewjerseymortgages.com.
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Mortgage Fraud Specific links
Mortgage Fraud News
Mortgage fraud unit co-chair sues biggest banks - USA TODAY
 USA TODAY | Mortgage fraud unit co-chair sues biggest banks USA TODAY By Michael Gormley, AP ALBANY, New York – New York's attorney general on Friday accused some of the nation's largest banks of deceit and fraud in using an electronic mortgage registry that he said puts homeowners at a disadvantage in foreclosures while ... NY AG Sues BofA, Wells Fargo, JPMorgan Chase over Mortgage Fraud NY Attorney General Launches Major Mortgage Fraud Suit Against Bank Of America ... 3 big banks sued over mortgage fraud |
Ringleader of mortgage fraud scheme sentenced to 6-year term - Minneapolis Star Tribune
 CBS Local | Ringleader of mortgage fraud scheme sentenced to 6-year term Minneapolis Star Tribune The ringleader of a $2.2 million mortgage fraud ring was sentenced this week to six years in prison and ordered to repay nearly $1 million to two companies. Michael Hudalla, 45, of Mendota Heights, who pleaded guilty to two counts of racketeering, ... Family members sentenced in mortgage fraud scheme Lafayette man sentenced in mortgage fraud scheme Man Sentenced To 75 Months For Mortgage Fraud |
Courthouse notebook | FBI turns tables on mortgage fraud informant - MyrtleBeachOnline.com
Courthouse notebook | FBI turns tables on mortgage fraud informant MyrtleBeachOnline.com Vaught – the former owner of the now-closed G&E Home Sales on US 501 in Conway – and his accomplice, former mortgage broker Michael Fortenberry, are scheduled to be sentenced on Wednesday in federal court in Florence for their roles in a mortgage fraud ... |
Beachwood man pleads guilty to mortgage fraud - Plain Dealer
 Plain Dealer | Beachwood man pleads guilty to mortgage fraud Plain Dealer By Faith Boone, Sun News Two defendants, along with three companies, pled guilty to mortgage fraud crimes covering over 500 real estate transactions totaling $50 million, $44 million in fraudulent loans and $31 million in profits. |
Weston couple indicted in public housing, mortgage fraud - Boston.com
Weston couple indicted in public housing, mortgage fraud Boston.com By Shivaji Mudambi, Globe Correspondent A Weston couple have been charged with fraudulently obtained tens of thousands of dollars in Section 8 public housing subsidies and defrauded mortgage lenders of more than $250000 dollars, the attorney general's ... Couple From Weston Charged for Connections With Section 8 Public Housing Fraud ... |