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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Should we go with a direct lender or broker?
I have to get a pre-approval and I'm trying to figure out what to do. I've been on bankrate.com; posted here and got some great feedback and also receievd a broker's name from my realtor. Suggestions? Experiences? How do brokers make their money?
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Posted 1/23/07 10:54 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Should we go with a direct lender or broker?
IMO-Go to a bank. Shop them against each other.
I went through Chase.
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| Posted 1/23/07 11:00 AM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Should we go with a direct lender or broker?
brokers make their money by charging points. my suggestion would be to try with the bank that you bank with first. they'll always try to give you the best rates to keep your business.
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| Posted 1/23/07 11:02 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Should we go with a direct lender or broker?
we are using a bank and only compared banks. Being 1st home buyers we were looking to save any money any way we can
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| Posted 1/23/07 11:06 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Should we go with a direct lender or broker?
My preference is working directly with the lender.
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| Posted 1/23/07 1:08 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Should we go with a direct lender or broker?
work w/ a bank!
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| Posted 1/23/07 1:30 PM |
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2Pisces
Life Coach
Member since 2/06 3337 total posts
Name:
Paige
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Re: Should we go with a direct lender or broker?
a bank.
Good Luck! 
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| Posted 1/23/07 6:23 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: Should we go with a direct lender or broker?
when we were looking I was determined to only go through a banker but had a friend in the mortgage business and they ended up beating any rate the banks gave us.
As a realtor now - I always tell people to shop around but I also have great brokers that I work with that do not try and scam people and still give them unbelievable rates. I think it fully depends on who you use. But def. shop around!
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| Posted 1/23/07 6:58 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Should we go with a direct lender or broker?
i went with a broker -- he had better rates then the banks I talked to. But I had an awful experience with him and would never recommend him to anyone.
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| Posted 1/24/07 10:02 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Should we go with a direct lender or broker?
We went direct.
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| Posted 1/24/07 10:05 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Should we go with a direct lender or broker?
Brokers can get the most agressive rates. They get "wholesale rates" so even if you get charged points you may still get a lower interest rate than at a "retail" bank
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| Posted 1/24/07 10:20 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Should we go with a direct lender or broker?
It depends. Brokers will shop around for you to get you the best rates. We are using a broker, but he is a friend of DH and is not charging us points. We probably would have gone directly to the banks ourselves if we did not know the broker personally.
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| Posted 1/24/07 10:45 AM |
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MrsA
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Member since 1/06 2012 total posts
Name:
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Re: Should we go with a direct lender or broker?
We went through a broker and he was able to get us better rates than banks offered.
But try shopping around and see what both brokers and banks can offer you.
Message edited 1/24/2007 11:50:27 AM.
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| Posted 1/24/07 11:50 AM |
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