private lender vs going with my bank?

You are SO BETTER OFF using a mortgage broker rather than the big bank..bank employees are not equipped to deal with varying loan scenarios, nor do they have the experience.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

hi there:To be honest, its probably the individual you are working with that is not providing you with service. Working with a bank, a smaller lender or a broker should not really be a factor. We are a bank and do not have any bank overlay guidelines so we follow Fannie/Freddie/FHA rules...with 6 to 7% down, definitely FHA will work and we can assist with closing costs...40% ratio is not that high ..FHA can go up to 55% ratio...Sometimes fannie/freddie will accept 40% ratio if so our bank will allow that...Let us know how we may earn your business. Lending Nationwide (Mike 703 505 5300) NMLS 754875

Almost without fail, your local mortgage brokers is ALWAYS going to be a better deal than any bank. There is nothing to be concerned about using a non-bank lender. Did you known bank loan officers are NOT required to have a licensed. Sadly, those people tend to be more like application clerks versus professionals.

Mortgage brokers may have alternative wholesale lending agreements with private lending sources, bank or credit unions. Typically, these lending institutions may have alternative lending programs outside of the Fannie/Freddie Mac lending criteria which consider other compensating factors such as credit score, asset base.