Subscribe
Share
Share
Embed
Hi, I'm Ella Gurfinkel, your host of the AskElla Show and senior loan officer at Fairway Independent Mortgage. On my podcast, I cut through the noise to bring you honest conversations about real estate, mortgages, and financial planning.
I interview industry experts to tackle everything from homebuying basics to complex topics like reverse mortgages, trusts, and market trends. With decades of experience, I'm passionate about dispelling myths and providing clear, actionable advice.
Whether you're buying your first home, refinancing, or planning for retirement, I'm here to help you make informed decisions. Join me for straightforward talk about real estate and beyond!
Mortgage lender versus bank. Who should you trust? Your bank is ripping you off and they're counting on you, not knowing you. Non-bank lenders now control 68% of the mortgage market. But most people still walk into their local bank like sheep to the slaughter. I'm about to expose why going to your bank for a mortgage is the biggest financial mistake that you can make and show you the insider secrets that could save you thousands. Skip this and you'll overpay for the next 30 years.
I'm Ella Gerinkle, senior loan officer with almost 30 years of experience and over 2,000 families served. I've worked with both banks and brokers. And today I'm spilling the tea on why the mortgage industry shifted away from big banks. Spoiler alert, because we're so much better than banks could ever be. Here's what pisses me off. People making less than $250,000 a year walk into a Bank of America or Wells Fargo thinking they will get VIP treatment. News flash. You're not VIP to them. You're just another number to the 22-year-old sitting behind the desk who opened three checking accounts and sold two credit cards before you walked in. That person does not specialize in mortgages. They don't live and breathe interest rates. They don't know the 47 different ways to structure your loan to save you money. You know what they know? How to take your application and send it to underwriting. That's it. Meanwhile, you're sitting thinking you're getting relationship pricing when you're actually getting completely screwed. Let me break down the dirty secrets banks don't want you to know. Secret number one, banks have limited options. Your bank has maybe five to 10 loan programs. I have access to hundreds of loan programs and I have access to multiple lenders. You walk into Chase, they offer you what Chase has. You come to me, I shop the programs and find the best deal and it's never even close. Secret number two, the no cost line. Banks love to advertise no lender fees or no closing costs. [ __ ] They just hide the closing costs and a higher interest rate. I'll show you exactly what you're paying and give your options. Pay points, get a lower rate, take a higher rate for credits, or find the sweet spot somewhere in between. But you are in the driver's seat, not the bank. Secret number three, speed and service. Banks are bureaucratic nightmares. I had a client whose bank took 60 days to close a simple refinance. True story. I closed the same type of a loan in 18 days. Why? Because I don't have 47 departments and committees. I have relationships with my team, my underwriters, and they know and trust my files. Secret number four, problem solving. When your bank hits a roadblock, guess what they say? Sorry, can't help you. When I hit a roadblock, I have other programs to try and I have lenders I can broker to. Self-employed, bank says no, I find a bank statement program. Credit issues, bank says no, I find a nonQM lender or a low credit score lender. Low down payment bank pushes expensive FHA. I will find your conventional at 97% program, meaning 3% down. Secret number five, it's easier at the bank because they already have my accounts. H, you're funny. Just because the bank has your banking accounts and because you think they know your financials because your paychecks go into that account does not make the process any easier or faster. Again, that's the biggest lie out there. So, don't fall for it because you will still have to provide the same documents and the same amount of information to your bank that you would have to me. Nothing changes except for I can put that information together a whole lot better and offer you more options. So, here is the proof the market has spoken. 68.1% of mortgages now come from non-bank lenders. The big banks are losing market share every year because borrowers are waking up. But here's what's crazy. People still think lenders are more expensive. Wrong. In most cases, the lenders pay our fee, not you. You get better service, better rates, better options, and it doesn't cost you extra. The only time banks might win is if you're getting some special employee discount or they're running a loss leader promotion or maybe you're a private banking client who is net worth rich and then the banks will roll out the red carpet for you. But even then, bring me their offer and I'll tell you honestly if I can beat it. At the very least, most of the time I can match it. So, use a mortgage lender when you want the best rate and terms available, not what's in the box. You have any complications. You're self-employed. You have credit issues. You have a unique property. You want someone who works for you, not the bank. You value speed and personalized service. You want options, not just one bank's products. Do you realize that a lot of the banks and local credit unions don't offer all of the GVY products? Meaning, not everybody offers FHA. Case in point, Bank of America doesn't even offer a a reverse mortgage, and we do. So, think on that. Maybe use your bank when you're getting a legitimate employee discount. Fairly rare. Case in point, First Tech Credit Union up in Portland offers Intel employee discounts. Well, that discount we can match all day, any day. It's not that great. You have a super simple vanilla loan and don't care about optimizing. You have some weird loyalty thing going on. But why? Look at the red flags about your bank. They quote one rate on their website, but can't honor it for your situation. Well, you also have to read the small print. They can't explain their fees clearly. H they take weeks to get back to you. Personal experience, my home equity line done through a local bank, big mistake, took almost 3 months to close. They push you toward their most profitable products. Not your best option. So, here is what I bring to the table that your bank can't and never will. One credit pool, multiple options for your loans. Pricing that beats the bank rates. My 30 years of experience solving problems and putting the puzzle pieces together. Personal service. You have my cell phone and I don't keep banker's hours. So yes, you can call me after 5 on the weekends. Fiduciary responsibility to find you the best deal, not maximize the bank's profits. I'm not just taking your application and hoping for the best. I'm strategically positioning you and your file with a right product for your specific situation. Look, I could sit here and trash banks all day, but the numbers speak for themselves. There's a reason 68% of borrowers choose non-bank lenders. Ready to see what you're missing? Bring me your bank's offer, any offer, and I'll show you exactly what I can do differently and let the numbers speak for themselves. Book a free consult. The link is below. No pressure, just facts. Let's see who really has your best interest at heart. Stop settling for retail when you can get personal service.