2007-12-17 09:47:53 · 6 answers · asked by davy c 1 in Business & Finance ➔ Renting & Real Estate
Depends on your needs. If you need a challenging loan to get through then a Broker might be able to offer you more choices.
2007-12-17 09:54:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Some pros of a brokerage is the fact that they usually can get wholesale rates, instead of retail which is from a bank. However, with the whole mortgage meltdown thats been going on, most of the banks have closed their wholesale sections, so basically you there is no point of going to a broker because with a broker you get hit with higher broker fees. Also, bankers will have a more lehway with the rate they're offering you, add that to the fact that you have smaller closing costs, that seems like a pretty good deal. I only know this because I work for Sterling National Bank, and i deal with this all the time. E-mail me an i'll give you a quote, you'll see the difference between broker and bank.
2007-12-17 09:59:55 · answer #2 · answered by Simon 1 · 0⤊ 0⤋
As a Licensed Loan Officer I agree with the first line of Simon's answer. Brokers are not locked into any programs. It's like a graph sheet and the Bank's programs, where most of their Loan Officers are not Licensed, are only in the upper five rows of squares. If you don't fit into one of their squares, guess what? No Loan. Brokers exist only because of this. Brokers will search through every single one of the squares till they find the program that best suits you, not the other way around. Like wise I would ask you to forward any scenario you have to me and compare it to Any Bank and I think you will see the differences you get by having a choice.
2007-12-17 10:20:00 · answer #3 · answered by Robert T 2 · 0⤊ 0⤋
Generally, mortgage brokers have a broader range of product from which to choose. Some of the banks tend to try to promote their own bank's product over others. You will probably get more from which to choose by going through a broker.
2007-12-17 11:21:58 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
Mortgage brokers are not bound to one mortgage lender the way banks are. They exist to shop for the best loan to suit your needs.
2007-12-17 09:56:41 · answer #5 · answered by ? 6 · 0⤊ 0⤋
the mortgage broker has different companies that they deal with and can get you the best company for your situation...
2007-12-17 10:52:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋