A banker suggested that if a property is Fannie Mae approved, then I can get lower rate. So, instead of taking loan from bank I will be getting loan from Fannie Mae? Am I wrong?
Also, Fannie Mae and bank are different entities, right? Why would a banker suggest that and give me an application for it. Does he get commission personally or what? How does this benefit the bank?
He said loan from bank is generally higher. Would it be cheaper if I just apply directly from Fannie Mae?