Banks vs. Mortgage Brokers

Why Banks May Fall Short

Retail (brick & mortar) Banks and Mortgage Banks often impose additional lending rules on top of the standard requirements needed for Fannie Mae, Freddie Mac, FHA, or VA loan approval. These additional rules are known as overlays.

They also tend to have rigid internal quality control processes, which can lead to denied loans without proper opportunity for rebuttal. Often, approved loans get reclassified as “application withdrawn by the client.”

These factors contribute to a significantly lower success rate for banks when compared to mortgage brokers.

The Mortgage Broker Advantage

Mortgage brokers can submit a single loan application to multiple lenders, benefiting from competition among wholesale lenders. Most broker-submitted loans are evaluated using only the official guidelines—without extra conditions.

Fast processing times allow brokers to secure loan approvals within 24–48 hours. A national study also showed borrowers save an average of $4,300 when working with a mortgage broker instead of a bank.

Exclusive Loan Programs via Life Lenders

Previously bank-only programs are now available through Life Lenders, including:

• 100% financing for doctors

• 95% financing on a $1.3M purchase without PMI

• Cash-out refinancing up to 95% (no PMI) for loans up to $1M

• 10% down on purchases up to $4M with no PMI

• 80% first mortgage with second-position HELOC for owner-occupied homes and condos

• 3/3 ARM with terms once reserved for private banking clients

When you consider price, service, and flexibility—Mortgage Brokers clearly win.

Tip of the Week: Make the Most of Off-Season Upgrades

This is the perfect time of year to tackle exterior home projects:

• Fall cleanup: gutters, sprinklers, hoses, etc.

• Many landscapers are available during the off-season

• Outdoor contractors are more affordable in winter

• You can hire skilled workers at reduced rates

• Manage the project yourself for even more savings

Even if you prefer hiring a large firm, negotiate lower fees during this off-peak season. Get multiple bids to ensure great value!

Quote of the Week

"Your future is created by what you do today, not tomorrow."

- Robert Kiyosaki

Additional Loan Programs

• Renovation & New Construction / Fix & Flip Investors

• HUD Multi-family loans to 85% with 35-year amortization

• Reverse Mortgages up to $4M (including Co-Ops)

• SBA business financing up to 90%

• Investor, Commercial, Bridge & SBA loans available in all 50 states.

Contact Us

Have questions or ready to get started?

Call: +1 (347) 804-4438

Email: info@lifelenders.net

At Life Lenders we’re proud to offer our mortgage services across the 50 US states, making it easier for you to access the financing you need, no matter where you are.

This communication is intended solely for licensed professionals and is not an offer to lend.