What is everyone's opinion on mortgage brokers these days?

[boireann]

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.

[DallasLoanGuy]

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.

[Anonymous]

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.

[rockymtngrl]

There is good and bad in everything. We have bought & sold 6 or 7 houses over the years and used a broker everytime but once. That time we used the LO from the local bank down the street where we have our checking account and it was a terrible experience. She messed up everything possible and I would not go back there again or to any bank unless there was no other choice. I have always had good experience with brokers.

[Anonymous]

Simply, I could not have done better faster or more efficiently than I did using a mortgage broker during my first home-buying experience January-March. He was knowledgeable, positive, accurate and straightforward. I'm sure there are good and bad brokers, just like there are good and bad loan officers and good and bad bankers. Mine is a good one.

[happy0510]

I'm in L.A.  I got a referral from a friend and am going to use a mortgage broker.  I've heard many horror stories too.  They are mostly related to folks who bought at the height of the bubble and lost 50%.  But, most of these people also went ahead with the loans even though they knew it wasn't practical. Anyhow, I am very uneasy about the L.A. housing market.  It still seems to be out of proportion.

[WannaHouse]

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.

[boireann]

Thanks everyone!