topic Re: Mortgage Broker versus Bank in Mortgage Loans

Mortgage Broker versus Bank

Laxbam7 — Thu, 02 May 2019 01:14:50 GMT

Hello,

I have been hearing mix reviews for a broker vs. a bank. We are looking to get a pre approval for a loan amount of 200k. I am not necessarily interested in paying for a broker unless dire. However, I have heard that banks can take a long time to close.

Help! Thank you!

Re: Mortgage Broker versus Bank

NC_Mtg_Loaner — Thu, 02 May 2019 01:52:35 GMT

Talk to a few of them (bankers and/or brokers) and learn about the program that best meets your needs and go for it.

It's not rocket science.

Re: Mortgage Broker versus Bank

JVille — Thu, 02 May 2019 04:54:49 GMT

As a 25/30 yr lender and Underwriter now retired, having worked for big banks and every Savings and Loan no longer in existence today I would ONLY deal with a Mortgage Broker (if given a choice). The reason is the pricing is often better, the broad range of products and knowledge of investor requirements is all in one place.
The Banks have typically a back office operation that makes to process miserable, long and they just don’t seem to know what they are doing.
If you are working with a Realtor he/she will have a couple recommendations of Mtg Brokers who are great at what they do. Go sit down and get educated!

Re: Mortgage Broker versus Bank

JVille — Thu, 02 May 2019 04:57:01 GMT

You will not necessarily pay a broker more, in fact will often pay less going thru a broker. They don’t have the overhead the Big Banks have.

Re: Mortgage Broker versus Bank

dragontears — Thu, 02 May 2019 19:09:23 GMT

Last time I got a mortgage, I found that a mortgage broker beat the price of all of the big banks I looked at.
Also the fee for a broker was paid by the lenders and is not a line item for me.

Re: Mortgage Broker versus Bank

digitek — Fri, 03 May 2019 00:38:21 GMT

In my case there was a local bank that pretty much specialized in mortgages. They had the lowest rates, low closing costs, and the whole process went like a well oiled machine. The guy I worked with was straight up. They are years behind on technology, but that account is only used for one thing so no big deal to me.

I guess what I'm trying to say is that you might be surprised that there's a local bank that specializes in mortgages in your area. When I went looking I found a list of all the mortgage lenders by total number of mortgages they originated and the top two by farrrrrrrr were these two banks I'd never even heard of. Local mortgages are what they specialized in so you would never really heard of them unless you were shopping for one, but they crushed all the competition. If you could get a list like that it might give you an idea of who is popular in your specific area.

I live around Cincinnati and I found Union Savings Bank and Guardian Savings Bank held way more than anyone else. There was a Guardian branch really close to me that I never even noticed. I use them and love it. I was able to refinance a 30 year at 3.375% when rates were crazy low 2 years ago.

Good luck in your hunt!