4 Comments

1. Steve D says:
   March 16, 2010 at 11:01 pm

   If you can deal directly with the bank, go through the bank as they will usually be a bit cheaper since they won’t have the loan origination fee. Brokers make their money by charging a loan origination fee and sine there would be no broker, direct to the bank is better.

   However, a broker can be advantageous because they have contacts at all the banks/lenders and may be able to find a lower rate. Even a 1/8 or 1/4 point off the interest should more than pay for the origination fee over the course of the mortgage.
2. Doctor Deth says:
   March 16, 2010 at 11:08 pm

   a broker is going to have access to different types of mortgages from many different lenders – lot better chance of getting approved – going to a bank, you can only choose from the limited plans they have IF you qualify
3. Noneya says:
   March 16, 2010 at 11:45 pm

   Bank – If you go directly to the bank it’s like going to McDonald’s – you get what they have on their menu at their prices.

   Broker – If you work with a broker it’s like going to an all you can eat buffet – you have more choices.
4. Autumn says:
   March 17, 2010 at 12:24 am

   Hey I know a lot of people go to the banks for Home Loans or to get a 2nd loan, or equity, but my sister has her own Brokerage/Real Estate and Wholesale Loan company, has been around for years, and always gets my friends and families the lowest rates and the best part is she is super honest about it and tells you exactly how it will look, etc. She won’t let you sign something if it is going to hurt you down the road etc which is a sign of character. Her name is Liz Friedman and her email is Liz_Friedman_Inc@Yahoo.Com and if anyone has any questions she can help you. (She can do loans, equity , etc , licensed in ALL states)