2006-09-25 07:57:18 · 13 answers · asked by JohnnyCash 1 in Business & Finance ➔ Renting & Real Estate
Brokers are good for when you can't get the best deal on your own, IMO. For example, when you can't show enough income, which could be for a lot of reasons. One example: diplomats who don't pay income tax, and so who have more disposable income than their payslips would show. Or in London a broker we use mentioned a client whose income was from "spread betting". That's investing in common stocks and securities, but through specialist houses where the trades count as gaming, and the proceeds are untaxed in the UK. Major banks wouldn't touch it.
2006-09-25 08:01:34 · answer #1 · answered by Anonymous · 3⤊ 0⤋
My self I would go thru a regular Bricks and mortor bank in otherwords the local bank down the street. It has been My experience that not all but a very high percentage of the Mortagage Brokers when they have there mouth open there lying... The Interest rates will not be what they quote. Payments not the same and so on... Plus you will not know if you Truly will get the loan till the day of closing sitting at the closing table. it can be quite a Nightmare... But there are exceptions to all... You could have a smooth sailing closing...
2006-09-25 15:03:48 · answer #2 · answered by Scott 6 · 0⤊ 0⤋
Not all the banks offer the same products. So with a broker, they may be more efficient in finding the right product for you. However there are plenty of banks in most towns and if you have the time to visit them on your own. Don't worry, they won't bite. They want your business. The benefit of going directly to the bank is that the institutions are a lot more professional than some of these mortgage brokers. Also, you may be able to save a few bucks by cutting out the middle man.
2006-09-25 15:07:39 · answer #3 · answered by robert S 4 · 0⤊ 0⤋
Here is you answer
There BOTH good in there own ways. Eather you pay in the back of the loan or you are charged up front. As far as interest rates correct brokers have the good rates. let the lenders fight for the business don't just hand it on a silver platter. find a broker that will charge little before you just hand you money to a bank. you just need to look around TRY ME..........
2006-09-25 15:28:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I am a mortgage consultant, and of course to perfer to use one of us. Reasons are there, mortgage consultants are working for many of the local banks as well as some banks/lenders that are not usually searchable or reachable.
Mortgage is not just about the rate, its about the planning on a mortgage and potential free your mortgage faster. Having a second opinion on mortgage is also good. Bank are only selling their products, and mortgage consultants are mostly commission salesperson. Take words from both and make judgements.
If you have a well established bank relationship, it might be better to go thru a bank. Since bank can have a very sophicated products while lenders could be just a straight forward mortgage.
Mortgage consultants can have ways on showing you how to pay off your mortgage faster, while the bank always wants your other business by putting your money elsewhere ( investments, credit card, stocks....etc )
2006-09-25 15:18:28 · answer #5 · answered by davidkwankwokfai 3 · 0⤊ 0⤋
Depends on your circumstances. A broker will do all the leg-work in trying to find you a loan with the best rates. But they'll also charge for for this service. If you're ok paying them for this, I would go with a broker. They have contacts at the banks in your area which will make it easier for them to get you a good rate. If you have excellent credit, you can probably do it yourself - go to a couple banks and compare their rates, terms and fees.
2006-09-25 15:14:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋
My wife and I didn't go through a bank. We started online with lendingtree.com and got several different offers from several mortgage brokers. The rate we got was better than our local bank was offering, and the process was pretty easy -- we just had to FAX them some stuff and then they sent a notary to the closing so we could sign everything at once. It's worth looking into.
2006-09-25 15:02:45 · answer #7 · answered by sarge927 7 · 0⤊ 0⤋
Banks are limited to their products. A good mortgage broker has access to wholesale rates through various lenders. In either case, you can get someone you are thrilled with or are unhappy with. I suggest a referral. I am a nationwide mortgage broker with 20 years experience, and have clients proud to be a reference. If you need further assistance, please let me know. http://www.slarson.com/contact or steve@slarson.com
2006-09-26 13:08:07 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Bank if you have EXCELLENT credit. Brokers find the best rate for you if your credit is mid 500's on up.
2006-09-25 15:00:42 · answer #9 · answered by turners_pics 2 · 0⤊ 0⤋
it is all about preference, the broker is the middle man; he basically finds a bank or "lender" to finance you and you will pay him a percentage (usually 3%) @ closing
2006-09-25 15:02:12 · answer #10 · answered by Say It Again M'am 3 · 0⤊ 0⤋