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For example, I know a mortgage consultant who works at a Wells Fargo retail bank branch (example of using a bank directly), and her mortgage rates are much higher than Wells Fargo’s wholesale division.And the only way you can access their wholesale rates is through a mortgage broker.They are the most obvious choice, mainly because home loan services are usually offered at the customer’s primary banking institution.This provides for one-stop shopping, not to mention some level of trust and ongoing engagement.This lack of information (stated income loan) could lead to a higher interest rate.– Build off existing relationship (discounts if you have a checking/saving account) – You already know the banker who will handle your mortgage – Perhaps more trustworthy, more accountable than a smaller shop – Lower interest rates in some cases – Ability to add mortgage to existing banking profile and make automatic payments from linked accounts – Conservative loan programs – Do not disclose the yield-spread premium – Lengthy process, very bureaucratic – False promises – They make mistakes (some loan officers are very green) – May overcharge you (commission doesn’t need to be disclosed) – Incompetence (poorly educated about the home loan process in – They do all the legwork for you, working on your behalf with the lender – They compare wholesale mortgage rates from a large number of banks and lenders all at once – Wholesale interest rates can be lower than retail (bank branch) interest rates – You get more loan options because they work with numerous banks and lenders – Brokers can finance tricky deals because of their knowledge and various lending partners – Are typically easier to get in contact with, less bureaucratic All that said, your experience can really vary based on who you choose to work with, as some banks and mortgage companies may overcharge you and give you the run-around, while a mortgage broker may do an excellent job and secure a lower mortgage rate for you. It really depends on your situation and the specific bank or broker you ultimately work with, so be sure to shop around and ask for references first.

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And there are banks/lenders that work directly with homeowners to provide financing on the retail level.Because the bank already knows a good deal of information about the client, such as the balance of the borrower’s checking and savings accounts, qualifying can be easier and may result in a lower rate.A broker will only be able to verify such information with the borrower’s cooperation, and may choose not to provide certain information to the lender.There are pros and cons to both, and sometimes you will have little choice between the two if you have poor credit or a tricky loan scenario.The majority of homeowners turn to banks or large mortgage lenders when it comes time to get a mortgage.The application processes might also be quite different.A big bank might just tell you that your credit score is too low, whereas a broker may explain how credit scoring works, then make recommendations like paying off some credit cards or student loans to make you eligible in the future.So if you want someone to guide you through the loan process, perhaps it’s your first time buying real estate, a mortgage broker may be a good choice for you.They also tend to hustle a bit more with their commission on the line.Most of them provide personal service, meaning you’ll have a direct phone number to reach them, and can even visit them in their office if you have questions.You might not find the same level of service at the big banks…


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