An honest look at the likely situations where your bank may beat a mortgage broker and how to make sure you always get the best deal.

Mortgage brokers usually beat the banks on rate, but if your bank truly has the best mortgage program, I’ll be the first person to tell you to take it.

At Nexa Lending, our model is built to provide top tier mortgage pricing. In most cases, that’s exactly what happens. But no business excels in every possible market segment, and Nexa is no different.

There are a couple of situations where a borrower’s existing bank may truly have the advantage. When that happens, my job is simple: Tell the client the truth and be the consultant they need me to be.

Private Banking Mortgage Discounts

Many large banks offer deeply discounted mortgage rates to their private banking clients.

These programs are typically available to customers who keep significant deposits or investment accounts with the bank.

Examples include programs such as:

• Chase Private Client
• Bank of America Private Bank
• Wells Fargo Private Bank
• Regions Private Wealth

Because these banks already manage the client’s assets, mortgages can become a relationship product. In other words, they are sometimes willing to offer pricing that is difficult for outside lenders to match.

Recently I spoke with a client looking for a $1.1 million loan. After reviewing the numbers, it became clear that the pricing from his private banking relationship was extremely strong.  In that case, the honest answer was simple: His bank had the best deal. Go with them. 

Physician and Doctor Loan Programs

Another area where banks often have an edge is physician loans.

These loans can include features such as:

• Low or no down payment
• No private mortgage insurance
• Flexible treatment of student loans
• Qualification based on future employment contracts

In my 20 years in mortgage lending, Regions Bank has always had the most competitive physician loan option.

Where Financial Advisors Fit Into This Conversation

Many of my clients are referred by independent financial advisors who do not work for large banks.

In those situations, the conversation is different.

Most advisors I work with intentionally keep their clients outside of large banking institutions because they prefer independent custody, transparency, and avoiding product cross-selling.

In those cases, there usually is no private banking relationship to consider, and that’s where the mortgage broker model tends to shine.

Because we can access many lenders instead of one bank, we’re often able to provide very competitive pricing while still working alongside the client’s trusted advisor.

So if you’re working with an independent financial advisor, the process is typically simple:

• We coordinate with your advisor
• We review the financing strategy together
• We structure the mortgage to fit the broader financial plan

Where NEXA Really Shines

Outside of these niche programs, NEXA tends to shine in almost every other area of mortgage lending. Many people assume mortgage brokers primarily handle complicated scenarios like self-employed borrowers, bank statement loans, or difficult approvals.

While we certainly do those loans, we also love working with the most qualified borrowers. Clients with strong credit, stable income, and solid assets deserve to be rewarded for the financial discipline it took to build that profile. Because we use our volume as leverage we provide extremely competitive rates for these borrowers.

In fact, some of our fastest and most efficient transactions are with exactly those types of clients.  This last month i closed a refinance for a borrower with 760 credit and an excellent lending profile in just nine business days—less than two weeks from start to finish!

That’s the kind of execution we aim for every time.

The Bottom Line

Buying a home is the largest financial decision people make in their lives.  Because of that, it also carries the highest potential for buyer’s remorse. When expectations aren’t met, the regret can linger for years.

That’s why my role isn’t just to originate loans.  It’s to help borrowers make the best decision possible, even when that decision leads them elsewhere.  If your bank truly has the best program, you should feel confident choosing it. 

Later on when you purchase an investment property, second home, commercial property, or need a more complex loan, that’s where a broker often has the advantage but as always its an open discussion with honest feedback.  And if you have friends or family who want an honest second opinion before making a major financial decision, I’m always happy to help.

My primary goal is not winning loans. It’s making sure clients win the deal.