First Time Home Buyer – Is it better to use a mortgage broker or go directly to a local bank?

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5 Responses to “First Time Home Buyer – Is it better to use a mortgage broker or go directly to a local bank?”

1. Gotta B. Covered on: 20 June 2009 at 11:53 am

   Now there will probably be many that will disagree with me but here goes….

   I'm a Realtor and I have experience first hand as the market and the mortgage industry was changing. The brokers were not able to close deals as often (didn't say they couldn't) as they could in the past.

   Brokers shop for loan products and lenders already have them. And most of all, the brokers which are able to get you a loan through a traditional lender, has their cut in the process fees.

   My advice is to get through an online site such as bankrate.com (I'm sure there's others) and see who has the best rate and go talk with them about their closing cost fees to compare. It's a small work, but you will save in the end.

   Lastly, as I represent sellers and an offer has a pre-approval from a mortgage company, I don't give it the same consideration as a direct lender.
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