Mortgage Broker vs. Going to a Bank

AndrewsChick Posted: Jan 05, 2004 10:08 AM

Mortgage Broker vs. Going to a Bank

Hello Ladies

For those of you who have gone through the process already, would you recommend a mortgage broker or going directly to a bank.

I owned a house years ago and used a mortgage broker, but was wondering what people thought about going directly to a bank vs. the mortgage broker?

Also, if you have any recommendations of people you used, that would be greatly appreciated.

Thanks in advance for any information you can give me.

peabody Posted: Jan 05, 2004 10:16 AM

Re: Mortgage Broker vs. Going to a Bank

I f Ihad to do it all over again I would have never gone to a mortgage broker.

I should have gone via a bank.

I paid $700 for no reason. She wasn't helpful and to be honest she didn't know the guidelines for the Sonymae mortgage. It all worked out in the end. But If I had to do it all over again I would have never used a mortgage broker.

Just my opinion.

MarcellaBella Posted: Jan 05, 2004 10:31 AM

Re: Mortgage Broker vs. Going to a Bank

I would DEF use a mort. broker..

My broker was able to get me the best interest rate and do whatever possible to get the deal closed ASAP.

drjenn10 Posted: Jan 05, 2004 11:47 AM

Re: Mortgage Broker vs. Going to a Bank

I used a mortgage broker and she was great. She spent alot of time answering all of my questions and got me a great rate. I really didn't spend that much money for her services either. I would suggest getting a recommendation from someone, the first guy we used was AWFUL, luckily we got our money back from him.

Buttafli1277 Posted: Jan 05, 2004 07:37 PM

Re: Mortgage Broker vs. Going to a Bank

I used a broker, and thought it was helpful. He really worked to get me the lowest interest rate, and helped me with alot of the paper work.

peabody Posted: Jan 05, 2004 08:59 PM

Re: Mortgage Broker vs. Going to a Bank

I guess they are all not bad. I must have had just a really bad experience with this one.

AndrewsChick Posted: Jan 05, 2004 11:21 PM

Re: Mortgage Broker vs. Going to a Bank

Thanks for your input ladies.

Mandy77 Posted: Jan 06, 2004 09:11 AM

Re: Mortgage Broker vs. Going to a Bank

If you have good credit, you'll get the best deal at a bank.

Fran M Posted: Jan 06, 2004 10:46 AM

Re: Mortgage Broker vs. Going to a Bank

Good Mortgage Brokers know the market and can be a big help if you dont fit the 'perferred customer profile' of banks.
- very good credit score
- 20% down
- stable documented income
They are also helpful if you need to find a good lender that is not concerned with things like documentation for decks, sheds, hot tubs ect.

If you and your new home fit the 'perferred customer profile' you really dont have any need to pay a mortgage broker. You just have to research mortgage deals on your own.