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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Mortgage broker vs. bank
Which did you go with and why?
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Posted 11/18/05 4:58 PM  |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Mortgage broker vs. bank
broker
because he had access to MANY different bank's interest rate plans.
if you deal with a bank directly... you are just dealing with their plans.
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| Posted 11/18/05 6:26 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Mortgage broker vs. bank
we did the shopping around on our own, and beat the rates the mortgage brokers were offering.
I didn't see any reason to use one (and I work too closely with many mortgage brokers to trust them  )
The mortgage broker needs to get paid, and that cost gets passed on to you one way or another (closing closts, points, higher rate, whatever).
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| Posted 11/18/05 8:08 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Mortgage broker vs. bank
Posted by -Lisa-
The mortgage broker needs to get paid, and that cost gets passed on to you one way or another (closing closts, points, higher rate, whatever).
Your right... they do need to get paid. But when I was looking... my broker was able to give me 5.375%. Every major bank (and i checked them ALL out)... at that time was at 5.75% or more. Even BoA... the bank I got my mortgage from... their website at the time said 5.875%! 
I paid $2000 in closing cost fees to my broker where if I took a bank deal... i would have 0 lending fees.
But I worked it out that I would break even on this after making about two years of payments. I also saved thousands of dollars on future interest payments.
It all depends on working with the RIGHT broker. Some brokers will just give you the same rates you can get at the banks. If thats the case.... why use them?
My broker in particular was able to get me wholesale rates. Thats what you want to get.
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| Posted 11/18/05 8:50 PM |
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