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Let us help you with a lower payment, more buying power, or less cash needed for closing.
Let us help you with a lower payment, more buying power, or less cash needed for closing.
Competitive Home Lending has access to current mortgage rates from the best mortgage lenders. As a mortgage broker, we shop for the best mortgage rate for our clients. Our low mortgage rates keep mortgage payments affordable and can give you more homebuying power. Avoid retail rates and get he most out of your mortgage loan with a wholesale mortgage rate.
Competitive Home Lending partners with many of the nation’s best mortgage lenders to offer below market mortgage rates. Homebuyers in Frisco, Plano, McKinney, and surrounding areas get direct access to wholesale mortgage rates and avoid unnecessary closing cost fees. Save the most on your mortgage loan when you choose Competitive Home Lending as your mortgage broker.
Competitive Home Lending’s Director of Operations has more than a decade of experience in loan processing and mortgage loan compliance. Our company's mortgage broker is licensed in Texas and Colorado, has over two decades of banking and mortgage experience, a B.S. in Management and Finance, and a Master of Science in Management. Clients don’t have to sacrifice experience to get a low mortgage rate. High-level expertise without paying loan officer commission fees. Local office in Allen, TX
A mortgage broker is an independent mortgage company with access to mortgage loans from the best mortgage lenders, and with the authorization to offer mortgage rates from major mortgage lenders at a wholesale price.
Mortgage brokers can offer the same home loans that retail lenders offer but with lower mortgage rates. Having access to the best mortgage lenders improves the likeliness of a mortgage loan approval. One mortgage loan application is compatible with every mortgage lender partner. This lets borrowers shop for the best mortgage loan without multiple credit inquires that can affect a credit score.
The mortgage loan process is fast and simple. First, inquire with our state licensed loan officer if you have specific home loan questions or questions about mortgage rates. Next, complete the online mortgage loan application. Then, leave the rest to our experienced staff for fast loan processing and closing. We will get your mortgage loan closed in record time.
Mortgage brokers are companies with authorization to promote direct mortgage lender products. A broker is responsible for marketing loan products direct to consumers, processing loan applications, and ensuring proper compliance procedures. Fees for the service are usually paid to the broker by the direct lender as predetermined in the TPO contract. A broker has the option of charging a consumer a predetermined origination fee agreed upon by the broker and borrower. However, a broker can only be paid by the lender or consumer and cannot be paid by both parties on a single loan transaction.
There are three major advantages to working with a mortgage broker. They include rate, fees, and qualification criteria. Most consumers ask about rate when inquiring about mortgage loans, but data from Fannie Mae indicates that less than 1/3rd of consumers actually shop more than one company when choosing a mortgage lender.
Mortgage brokers have access to wholesale mortgage rates from any retail lender that offers a third-party origination (TPO) agreement. Furthermore, because mortgage brokers can have multiple TPO relationships, shopping different lenders can be done with one mortgage broker inquiry instead of a consumer having to call many direct lenders to shop for the best rate.
Compared to direct lenders, mortgage brokers often have a lower cost of operating and are able to reflect the lower costs through lower origination fees. In most cases a mortgage broker does not charge an origination fee.
Lastly, mortgage brokers are able to match potential mortgage applicants with a compatible lender. Direct lenders can have specific qualification overlays that can disqualify an otherwise qualified borrower. Examples are minimum credit score requirements, property types, loan size, or loan type such as renovation or construction loans.
The first step in choosing a mortgage broker is understanding how a specific mortgage broker operates. Brokers are independent companies, and a consumer must feel confident with the loan officer they choose. A national registry of all loan officers is available for consumers to access through the National Mortgage Licensing System Consumer Access page. Here are some qualifying questions to ask a broker: which mortgage lenders are you authorized to use, why do you use those specific lenders, what is your loan process, and how do you communicate with borrowers? How do your mortgage rates compare to other local mortgage brokers?
The most important factor to look for in a mortgage is affordability. A consumer should have a solid understanding of the programs available to them. It is the responsibility of the loan officer of the direct mortgage lender or mortgage broker to explain different loan options, mortgage rates, anticipated monthly payment, and funds needed for closing to ensure the consumer feels comfortable and confident with the mortgage loan. It is possible for consumers to get a loan worksheet or summary of the loan programs available prior to committing to a credit report inquiry.
Local Mortgage Broker with Lower Mortgage Rates for Home Loans in Texas.
450 Century Parkway, Ste.250, Allen, Texas 75013, United States
Today | By Appointment |
“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”
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