First Fidelity Funding Group has the flexibility to offer financing as a direct lender or a broker.
What is a Direct Lender?
A direct lender is simply a lender that works directly with the homeowner, with no need for a middleman or broker. The lender funds the loan directly, allowing the lender a great deal of flexibility to structure the loan in a way that meets your specific financial goals.
What is a Mortgage Broker?
A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lenders. A mortgage broker is also an independent contractor typically working with roughly ten lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your broker provides an efficient way to obtain financing tailored to your specific financial goals.
Which is Better, Direct Lender or Broker?
We ask ourselves this question on every transaction, and the answer is always the same: Whatever is most beneficial to the borrower! For each transaction, we query our investors and wholesale lending partners to determine which option saves our borrowers the most money in the long run. Operating as a combined direct lender and broker really is best for the borrower because of the rich set of loan progams at our disposal. Whether we act as the direct lender or broker for your specific transaction, our borrowers can rest assured that they are getting the most cost-effective option available.
We Handle the Details!
Whether First Fidelity Funding Group is the direct lender or broker, there are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage professional to act as a liaison between the title and escrow company, real estate agent, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.
Our staff of mortgage professionals also:
Discusses and explains financing program options
Informs you, in writing, of lock-in options
Explains all documents of the loan application
Explains all associated costs of the loan application
Explains the disbursement of all loan applications
Explains the loan process, from application to closing
Provides you with a good faith estimate of cost and fees
Communicates with you throughout the loan process in a timely manner
Coordinates the final closing of your transaction