I will be doing a lot of shopping with mortgage brokers and mortgages with banks.....generally, which would you suggest and why?
2006-06-12 03:15:14 · 2 answers · asked by xalsk 2 in Business & Finance ➔ Renting & Real Estate
first time home buyer.
2006-06-12 12:06:19 · update #1
Depends. Mortgage Banks tend to have lower closing costs than mortgage brokers. However, brokers may be able to secure lower rates and more types of loans (i.e. conventional, interest only). Unfortunately, without knowing the house price, your preferences, and circumstance, it is very tough to answer this question.
2006-06-12 03:35:14 · answer #1 · answered by Mister_fin 3 · 0⤊ 0⤋
It depends on the loan program that you need. If you need a special loan program, then a mortgage broker can help you find the best program.
If you will be using a standard loan program, then you will probably save some money shopping for a loan on your own. You can do this by calling banks and getting quotes. Make sure you get them on the same day, because the rates can change daily. If there is a bank or loan company that is more convenient, give them an opportunity to match the best quote that you get.
2006-06-12 10:35:53 · answer #2 · answered by VATreasures 6 · 0⤊ 0⤋