What are the pros and cons of using a mortage broker?

Just curious - as opposed to obtaining a mortgage on your own at whatever financial institution?
I know fees vary.. just wondering if instead of using a broker if we should try and get our pre-approval/mortgage on our own if its even possible...
TIA

What are the pros and cons of using a mortage broker?

The major downside of using a broker is that we were told we would get picked up by Chase or Wells Fargo if we used them and we wound up getting picked up by some no name company based out of North Carolina that has terrible reviews. We have amazing credit too and could have went directly to Chase or Wells but trusted a family friend. Never again.

What are the pros and cons of using a mortage broker?

My broker worked with smaller banks that want to provide funding. Broker got paid by bank and bank gave us money to help close which was awesome. Don't remember if it was a special program at the time.

And just because the broker went to Chase, doesn't mean you would A. get the same rate or B. you have to use them. They present you and offer and if you feel like you can do better, move on. There is no commitment when using a broker.

They are here to make the process simple and shop around for you so you don't have to. Some may ask for money (via funding) to help you but mine didn't. Mine was a direct referral from a friend whom also sold me my house. If you would like info, let me know.

Re: What are the pros and cons of using a mortage broker?

We are in the process of applying for a mortgage (contracts are signed) but opted against a mortgage broker because the benefits dont really outweigh costs for us. I shopped around with various banks (Chase, Citi, WF, New Penn Financial) and all of them quoted us higher rates and closing fees. The lowest still came to Bethpage FCU (3.625% on a 30 yr fixed) which is who we decided to use.

What are the pros and cons of using a mortage broker?

ok thanks guys! have to research some and think this through...

What are the pros and cons of using a mortage broker?

We went to the bank on our own - we found it saved us a ton of $$ by NOT using a broker. We also went with Bethpage Federal Credit Union as their rate and fees were the lowest. We've also refinanced through them 2 times for the best rates so far and extremely low fees.