2007-03-02 08:51:37 · 7 answers · asked by james B 3 in Business & Finance ➔ Renting & Real Estate
I've been in this industry for more than 20 years and have been both a mortgage broker and a mortgage banker and I can tell you from personal experience that if you want personalized service from someone who is more concerned about a continuing relationship and referrals from satisfied clients than about how much commission they are making on your loan, you will choose a mortgage bank. Brokers may, in some circumstances, offer slightly lower rates but their fees will be higher. They are, after all, a third party.
A national mortgage bank has access to every program a broker does, sometimes even more, and can offer those to you at a lower overall cost. They are also, in my experience, much more concerned with customer service because they would also like to enroll you in their other services and know that you won't be interested if you aren't treated well in the mortgage process.
2007-03-02 09:10:25 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If your a low risk borrower, it's probably better to go through a bank, it will save you from having to pay a broker. Now days though some banks wont deal directly with a borrower and actually get angry if you try.(from experience)On the other hand It can be a hassle though, there are so many lenders out there, it is probably better most of the time to go through a broker, particularly if you have credit issues. They know how to talk banks around.
2007-03-02 09:00:57 · answer #2 · answered by samootch 2 · 0⤊ 0⤋
A bank because if you have an account they usually will give lower closing expenses whereas mortgage brokers are just trying to make money.
2007-03-02 08:59:39 · answer #3 · answered by BritLdy 5 · 0⤊ 0⤋
Go with a mortgage broker as they can offer you a variety of loans from different lenders and not just one bank. Good luck.
2007-03-02 08:57:44 · answer #4 · answered by Akbar B 6 · 1⤊ 0⤋
It's the deal..not the seller..but banks are not very good..just watch the details of the deal...no closing costs and no pre-pay penalty..a broker should be able to get several quotes for you. Contact www.realestateinsiders.com by phone or email..they will tell you exactly what to do..then you can give them the business or not..they do not charge you for the advice...good honest people. No I don't work for them.
2007-03-02 08:59:52 · answer #5 · answered by gvh 3 · 0⤊ 0⤋
I went through a broker and I had a pleasant experience. I got a great rate, she came to the closing with me and my lawyer. I felt I got a personal helper with everything--she even came to my house to get all the original loan papers signed.
2007-03-02 11:17:06 · answer #6 · answered by blah1977 3 · 0⤊ 0⤋
get right to the source, skip the middle man and go with the broker
2007-03-02 08:58:07 · answer #7 · answered by nelda b 1 · 0⤊ 0⤋