About Preferred home funding

Why a Mortgage Brokerage Company

At Preferred Home Funding, Inc. we understand that owning your own home has always been a part of the American Dream. With today’s low mortgage rates and a variety of financing options, we here at Preferred Home Funding will help make your home ownership goals a reality. Whether you are going through the home buying process for the first time or are looking to refinance, Preferred Home Funding is here to assist you in choosing the right program. If this is your first time going through the process, it most likely will be the most significant purchase you have made in your lifetime. Let Preferred Home Funding's Loan Officers assist you in your mortgage needs.

Preferred Home Funding has access to all types of programs from dozens of Mortgage Bankers. While banks will offer you only the program they have, we have the ability to work with numerous banks. Based on your financial data, your goals, and other personal information, Preferred Home Funding will give you the best options for your mortgage. We have the ability to examine loan programs from dozens of banks and lending institutions, many which are not available to the general public. This way, we are able to find the best rates and programs possible for you.

Established March 2004
Member of National Association of Mortgage Brokers (NAMB/NYAMB)

Licensed in New York and Florida

When you're looking to get a mortgage loan, you may work with a loan officer, but where they work makes a difference! People often confuse the lender types even though all will glean the same results: a new home. However, it is important to understand the difference between the different between a bank and a mortgage brokerage company so you know what to expect from them during the mortgage application process.

At Preferred Home Funding, Inc, our firm that is the middle man between you and the actual lending institution, which can be a bank, trust company, credit union, mortgage corporation, or finance company. We will originate your loan; collect your information, then submit your application to one or more real lenders, and work with the chosen lender until the loan closes. 

At Preferred Home Funding, Inc., we represent the WHOLESALE rates of many lenders.  These are rates and fees not available to the public.  For example, ABC Bank might be quoting you 5.5% and 1 point for a loan.  A broker representing the very same bank can also quote the same rate and fee.  The broker is probably paying NO points for that loan.  They add the point back and keep it for themselves.  They can also quote 1/2 of a point and beat the retail quote of that bank.  This is the essence of broker competitiveness.  The best deal is always changing from lender to lender.  A broker has so many sources and receives so much up to date pricing, you are more likely to save money than not.  Next time a big national lender tells you that the broker is only a middle man and therefore cannot beat their deal, tell them you know better. 

A Bank loan officer is a representative of one lending institution, the bank, who works to sell and process mortgages and other loans originated by their employer. They usually are limited in what they can offer to only their own products, severely limiting your loan rate, cost, and product options.  These loan officers represent the borrower to just their lending institution and will guide him or her through the selection, processing and closing of mortgage loan. Loan officers can be paid a commission or salary for their services. There are no deals at banks... ever. Sometimes, because of disclosure laws, it may "appear" that way.

As you can see, Preferred Home Funding, Inc., a mortgage brokerage company has a signficant advantage versus a bank and is why mortgage brokerage companys orginiate the majortiy of loans in the United States.

Call Eric Eckardt today at 518.581.8003 ext 202 for a free consultation!