If they give you the same paperwork as Paone Mortgage and they are cheaper, then we suggest you use them. These contacts allow us to stretch a borrowers qualifying ratios to make exceptions such as not having a two year job history or allowing lower down payment options. Most banks take at least 30 to 45 days for an approval, but Paone Mortgage gives you a full approval usually within 10 days. Because we have more sources, we can guarantee you the best rate available for your loan. People often use mortgage bankers like Paone Mortgage because banks do not have access to the variety of programs available to Paone Mortgage.
Banks can only offer their own rates and programs.
We have the ability to access wholesale loan rates from a large variety of sources nationwide. Since we have so many different options you are guaranteed the best rate, and our underwriting guidelines are much more flexible compared to traditional rigid bank rules. In searching for a mortgage for the purchase of your home, you have many options to consider. Traditionally lenders were loaning funds from their customer's deposits. It is still that way to some extent.