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I've heard so many horror stories from people at work that used brokers and ended up in bad loans at the height of the bubble. Only a couple of people had good experiences.
I'll be going for an FHA in the Los Angeles area. Just curious.
brokers and bankers bring value to the table
brokers and bankers can get you the same good fixed rate loan at the same or better rate than you will get going to a bank in most cases.
all of those bad loans? trust me.... people were fully disclosed in most cases.
I had a bad experience with a broker last year.
This year I was determined to go with a bank. However the rates I quoted were higher and I found a broker I felt comfortable with.
So I'm going with a broker who sent our mortgage to US Bank. Someone else on here who went through US Bank posted that underwriting is typically taking 30 days through them. Because the broker has a relationship with the bank and sends it to a different division (I think) UW only took a couple of days. So all in all I think i've done better going through a broker.
We also used a broker. I liked the idea that they could shoot our loan out to several lenders and think it improves your chances of getting the deal done.
We had a bit of a bad experience, but it had nothing to do with using a broker. It was the office we used. Our broker sold his business in Dec., so we got stuck with a new broker who was pretty clueless. We did get our home, but probably paid more because she did some dumb things.
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.