Broker vs. Bank?

I was checking out Bankrate.com to see who has the best rates and it seems a lot of the brokers are listing the lowest rates.

Anyone use a Broker vs. a bank? Did you have a good experience?

Thanks!

Re: Broker vs. Bank?

I used a Broker. For me, it was easier since I did not have the time to do the leg work myself and I trusted my Broker to find me the best deal.

If you want his info, FM me.

Re: Broker vs. Bank?

alot of people will tell yiou that they prefer to use a banker instead of broker because they dont want to pay points. but what they dont realize is that no matter who you go to youre paying a point or 2, brokers are just more up front about their fees. banks will hit you with your fee on the "back end" where you dont see it. and alot of people are now reading this thinking "no i didnt pay my banker anything". yes you did. in the mortgage industry theres an upfront fee and there's a way to "get hit from the back" as they call it.

bottom line, no one works for free. whether you pay the guy at the brokerage office to get you the rates or you pay the guy sitting right at the bank, it doesnt matter cause you're gonna pay. IMO, go with the broker because he'll do all the legwork with shopping around for the rates at different banks.

Re: Broker vs. Bank?

Posted by Mrs-D-Girl

I used a Broker. For me, it was easier since I did not have the time to do the leg work myself and I trusted my Broker to find me the best deal.

If you want his info, FM me.

Re: Broker vs. Bank?

you can use someone called a direct lender also- that's what my DH does- he is a banker- b/c his company lends money- but he is also a brooker b/c he can shop for the lowest rate with in other banks as well

Re: Broker vs. Bank?

Posted by ali120206

Posted by Mrs-D-Girl

I used a Broker. For me, it was easier since I did not have the time to do the leg work myself and I trusted my Broker to find me the best deal.

If you want his info, FM me.

Us too! We were happy with ours as well, FM if you want info!

Re: Broker vs. Bank?

We used a broker and she was great! I felt more comfortable with her than the person we met with at the bank

Re: Broker vs. Bank?

Direct lenders are good because they can do their bank, but also dip into other products.

I used a broker twice and was happy. Sure you are getting hit somewhere but it was a good inbetween.

The only caution I would have is that if you are going with a Bank - go with one that has a lot of products because if you fail out of one of their products, they have back=ups.

I personally love Wells Fargo and thats who I used prior...I would have stuck with them but went with a different program in the end. I'd go back in a heartbeat.

Re: Broker vs. Bank?

For us, it made much more sense to go with a bank. The $5,000 difference in closing costs was a huge factor in our going through our Credit Union for the mortgage. Plus, our mortgage guy at the bank was very helpful.

Re: Broker vs. Bank?

I used a bank and locked in at 6%! We were very happy with their service!

Re: Broker vs. Bank?

We used a bank b/c we got a better rate.