NWR: Mortgage Broker VS. Going to Bank for Mortgage

Hey Ladies,

FH and I are in the process of looking for a condo in Brooklyn. We found a few that we LOVE and we are going to start taking the 'next steps.'
So, for those of you that are recent homebuyers (particularly condos) The question is:

1. Is it better/easier to go through a mortgage broker
2. Is it better/easier to go directly through a bank

We're total novices when it comes this so any advice/help would be fantastic....

brokers can get you the best mortgage for you b/c they have a ton of programs where a bank only has their own.

My fh is a broker if you are looking for someone trustworthy and reliable

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Posted by siffleuse319

I would go to a bank first. But usually a broker is worth the fee because they are liaisons to hundreds of banks. How Exciting. Good Luck!!!!!

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Thanks so much!

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Posted by jteach711

brokers can get you the best mortgage for you b/c they have a ton of programs where a bank only has their own.

My fh is a broker if you are looking for someone trustworthy and reliable

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Thank you! So, the way mortgage brokers work, do they work for big companies or work for themselves and negotiate with different banks?

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Posted by Mici n KC

I don't know about now but when we were originally comparing the two it was better to go through a mortgage broker. Now with the economy who knows. We still went through a mortgage broker.

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Great! We're going to compare both... Thank you!

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Posted by NapaValleyGirl

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Posted by jteach711

brokers can get you the best mortgage for you b/c they have a ton of programs where a bank only has their own.

My fh is a broker if you are looking for someone trustworthy and reliable

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Thank you! So, the way mortgage brokers work, do they work for big companies or work for themselves and negotiate with different banks?

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he can get mortgages from every bank that is out there and he finds the best one for you

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Posted by jteach711

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Posted by NapaValleyGirl

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Posted by jteach711

brokers can get you the best mortgage for you b/c they have a ton of programs where a bank only has their own.

My fh is a broker if you are looking for someone trustworthy and reliable

---

Thank you! So, the way mortgage brokers work, do they work for big companies or work for themselves and negotiate with different banks?

---

he can get mortgages from every bank that is out there and he finds the best one for you

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Wow, that's great. I may FM you for his information. We're going to talk to our parents this weekend also, they may use someone but it's good to know that your FH is a mortgage broker.

Thanks Jess!

I went to a mortgage broker fh and I knew..its was the best thing we did! it only took 1 month to close on our house!

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Posted by femmes

I went with a mortgage broker, but definitely find out about closing costs. If you use a bank the closing costs will be relatively cheaper than using a mortgage broker. I dont know how it applies to apartments or condos, but you really dont want to be surprised with a huge amount at closing. Just my opinion from what I have experienced in shopping for my mortgage and speaking to others who have went through it as well.

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Thank you! That's very good advice.

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Posted by Bride 2 Be

I went to a mortgage broker fh and I knew..its was the best thing we did! it only took 1 month to close on our house!

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Thanks!! We're going to look at both options.