if i want to refinance my home do i need to see a broker or straight to the bank?

Answer 1

either would work, try and find the best rate

Answer 2

I work for a mortgage bank and I deal with mortgage brokers. If you go through a mortgage broker, you will have to pay more fees on your loan. However, if you have bad credit or a unique situation, they deal with many different banks and can find you a loan. If I were refinancing my own home, I would call direct to a large bank with a retail operation. I would save a lot of money that way. There are less people to pay. Most of the rates that you can get are available on the bank's website. You can usually go .25% to .5% off of the rate you see at no charge. Most will do this if you demand it.

Answer 3

Disclaimer: I am a mortgage broker / planner so I see this from my point of view.

But here's the main difference between a Mortgage Broker and a Mortgage Banker (lender).

A Mortgage Banker works for a single lender, and only has a set number of programs and options to offer you, and are captive to their own products.

A Mortgage Broker often works with 100's of lenders, including wholesale lenders (who often don't deal directly with the public consumer), and have a very wide range of product and lending options available to them.

Also, if you walk into your local bank, S&L, or retail mortgage bank they'll usually take your application there, perhaps underwrite your loan there, and lend their own money. If your loan is declined for whatever reason, you will need to begin the process again with another source. With a multi lender source, you have another chance if one lender doesn't approve your loan.

Which is better? Well from where I stand, I think a broker is better, but you still need to find one that will really do the due diligence work for you. Work that you would otherwise have to do by shopping your needs around to multiple lenders on your own. Rates aren't what your looking for with a broker, honesty and good communication skills are; outside of that all brokers have access to similar rates for the most part.

Hope that helps describe the difference in a not too slanted point of view.

Answer 4

Your choice! Either one is fine. Banks have retail rates which are higher land Brokers who have wholesale rates. The difference is about .25 pt. Yet you really want to look at the GFE or Good Faith Estimate. This will tell you how much you will pay in closing costs.
Closing costs paid outside of the refinance tax deductible
Closing costs refinanced in the loan not tax decuctible
Remember you can buy down your rate with the equity in your home so a rate under 5% is still obtainable. 5.5 may cost you around 10k. But hey you can make that back up in equity if you dont plan to refi in couple of years.
Also remember there is a 3 day recission period in which when you receive the prelimary hud-1 or if not given to you and you receive the GFE and closing costs are higher you can walk away without any penalties. So make sure the GFE is around or near what you intially signed. The difference may be taxes from county and title fees from title company but nothing to crazy. Good luck!

Answer 5

Start with a bank or other direct lender. If your credit is OK, you will virtually ALWAYS get a better deal with a bank or direct lender than with a broker!

Brokers are in the business to make money, just like everyone else. That money comes from YOU, dear borrower! Their fees are usually hidden in the terms of the loan -- points, interest rate, etc. -- but they are getting paid by you. Some clueless d00b will probably say otherwise, but it just ain't so!

I refinanced through Ditech.com a couple of years ago. From the time I put in the on-line application until we closed was barely 2 weeks. Totally painless experience.

Answer 6

Depends on your situation. If you have great credit and over 25% equity in your home, go for the bank. they're still going to charge you points in the guise of an "origination fee". Brokers can get you a better rate most of the time and end up charging just a little more than the bank charges...plus, you don't have the hassle of having to get everything done. the bank charges you for the loan. The broker charges you to get done the actual process. E-mail me if you're interested in exploring your options. [e-mail]

Answer 7

Shop around. I recently helped a customer save $1000s on a loan when they went with me (broker) over the bank(big name bank). Make sure you shop around and get the best deal. A banker will say them and a broker will say they can. I would get 3 offers see what is the best option for your situation. Good luck. If you have more questions let me know.

Answer 8

It is best to go to a company that specializes in refinancing. Banks don't do that. Banks generalize. I suggest that you go to a mortgage company (banker, broker) to get some loan options that best fit your unique refinance situation. I'd be happy to help, let me know.

Answer 9

It all depends, Banks tend to be very strict with their guidelines making it more difficult in most cases, I am a mortgage broker who works with over 100 lenders nationwide and have programs that fit almost any need. Please feel free to e-mail me at [e-mail] or call me on my direct line Joseph Correa [phone] and I will answer any questions you may have regarding your re-finance. I would be happy to see what I could do for you and what you qualify for. There is absolutely no obligation and if nothing else you will know what you qualify for and where you stand. I look forward to hearing from you! Joseph ~

Answer 10

You could talk to a mortgage planner (email me if you are interested) who would find the best broker or banker for you based on your situation.

Answer 11

banks are difficult you might want to go with a broker. keep in mind when refinancing you have closing costs as well. what state is it for?