We have an 80/20 mortgage with 2 separate mortgage companies and currently owe $245461.01 on the first mortgage (at 7.3%)and $57896.97 for the second mortgage (at 12.5%) for a total of $303357.98. My problem is the houses on our street ... In most cases, banks usually close mortgage loans more quickly than a mortgage broker does. This is probably because a mortgage broker deals with two types of persons - the lender and the client. Resolving mortgage issues between these two is a time-consuming job.
