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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Mortgage broker or Bank?
So DH and I are ready to buy a house 
But we don't know which way is better.
We talked to our bank (TFCU) and got some info.
A friends DH is a mortgage broker and she suggested we talk to him.
I heard the banks are REALLY strict with giving a mortgage to 1st time home buyers. Can mortgage brokers still get you a better deal? or is a bank the better way to go-Any info as to why would help us
I don't want to give out to much personal info on here, but lets assume were in any normal scenario with money. Both of us have good credit, DH has great credit
thanks!
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Posted 6/2/09 6:47 PM  |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: Mortgage broker or Bank?
I suggest a broker b/c they can shop around ALL the banks and find you the best deal.
My dh is a broker and we are in the process of buying a house also. He was able to find what worked best for us.
If you have great credit, meaning over 700-720 and you have a significant amount of $ in the bank and both show good incomes it shoouldn't be a problem.
If you have any questions I can give you dh's number. He is also a realtor, if you are looking for someone trust worthy.
Good luck
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| Posted 6/2/09 7:00 PM |
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neenie
Member since 5/05 22351 total posts
Name:
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Re: Mortgage broker or Bank?
We had a GREAT experience with our Broker and they got us a rate of 4.375% with NO points. They're also a friend of the family, so we saved on fees there, too. I honestly don't think we would've gotten better than that if we went straight to the bank, so for us, it was totally worth it.
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| Posted 6/2/09 7:29 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Mortgage broker or Bank?
We went directly to a bank after talking to a broker. The bank's rates were better, and their closing fees were cheaper by $5000. The broker has to get paid somehow.
If you have the time to spend doing a little legwork, you can do the broker's job - you don't need a broker.
Plus, if it's a friend's DH, I don't know how comfortable I'd feel having them know all my $$ information.
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| Posted 6/3/09 8:43 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Mortgage broker or Bank?
Posted by VickiC
We went directly to a bank after talking to a broker. The bank's rates were better, and their closing fees were cheaper by $5000. The broker has to get paid somehow.
If you have the time to spend doing a little legwork, you can do the broker's job - you don't need a broker.
Plus, if it's a friend's DH, I don't know how comfortable I'd feel having them know all my $$ information.
see that was my issue, having them know all our info. Its a little weird.
my credit score was over 700 DH's is over 800.
See I'm so torn!! Its so hard. I might be able to do the brokers job, but I know nothing about this stuff, seriously, not a single thing
How much are brokers fee in general? I knew that they took a fee, but does that mean a bank doesn't?
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| Posted 6/3/09 10:58 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Mortgage broker or Bank?
Every time I have gone with a broker there were some sort of hidden fees that weren't on the good faith estimate. In general, I find the whole industry to be very shady. Personally I have much better experiences going directly with a bank.
I would also never give all of my personal financial information to a friend, or even a friend of a friend. People talk no matter how professional they are.
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| Posted 6/3/09 5:53 PM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: Mortgage broker or Bank?
Posted by lululu
Every time I have gone with a broker there were some sort of hidden fees that weren't on the good faith estimate. In general, I find the whole industry to be very shady. Personally I have much better experiences going directly with a bank.
I would also never give all of my personal financial information to a friend, or even a friend of a friend. People talk no matter how professional they are.
ITA as do my friends who practice real estate law, especially if you have good credit. A broker always has to get paid somehow and the "shopping" they are doing you can easily do yourself.
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| Posted 6/3/09 8:43 PM |
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