Which is better bank or mortgage broker?

5 Comment(s)

1. Using a broker is better, they have more options because they can use more than 1 lender, unlike a bank. They can find the lender and loan program that best suites you and will be able to give you a lower rate. Also, if anything happens with one lender that prevents your loan from being approved they always have the option of sending it somewhere else, potentially not having to delay the closing.

   lepr0kan | Aug 31, 2008 | Reply

2. brokers have fees which are expensive, go to, or a direct lender, shop around. Wait until weds the feds are dropping the rate to 3%

   Tell It Like it is | Aug 31, 2008 | Reply

3. If you have good credit, go to a bank. The fees tend to be more reasonable and the services are more professional.

   If you have bad credit you will have to use a mortgage broker.

   Good luck.

   sdn90036 | Sep 3, 2008 | Reply

4. My opinion is a little biased because I am a broker, but what’s better is really up to you. Mortgage brokers shop all banks and lenders (possibly including the bank you’re going to) to find the best deal. Your bank will only sell you products from the bank. But maybe this is a local bank that you trust and you want to work with. You may not get that familiarity from the lender a mortgage broker will direct you too. They all charge fees, but brokers will may charge you better prices to get your business. In my opinion, go with a broker.

   shamieya | Sep 3, 2008 | Reply

5. I think your personal bank would be the best option. Brokers have high fees. Banks are competative & will work with established customers to get the best deal possible. They are also going to be their after the sale. The broker may provide good service, but the loan is going to end up with another institution that you do not have a relationship with.

   Danny | Sep 4, 2008 | Reply

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