Did you use a broker or go straight to the bank?

posted 4 years ago in Home
  • poll: Did you use a broker or go straight to the bank?
    I used a mortgage broker : (11 votes)
    55 %
    I went to the bank directly : (9 votes)
    45 %
  • Post # 3
    Member
    4499 posts
    Honey bee
    • Wedding: October 2013

    We dealt directly with the bank. I’m happy with our decision. We got a great rate and I loved the agent we dealt with.

    Post # 4
    Member
    10505 posts
    Sugar Beekeeper
    • Wedding: January 2011

    I used a broker and am happy with that decision.  I’m not thrilled with brokerage though and will go with a different broker next time.

    My mortgage isn’t with a bank.  I doubt a bank would have been competitive not just with the rate, but with the details as well.  Shopping around when I was ready to go live wasn’t something that was appealing to me, and as it was the broker used their commission to buy down the rate, so I don’t know if I could have gotten the same rate if I went to the same lender directly.

     

    Post # 5
    Member
    839 posts
    Busy bee
    • Wedding: June 2014

    We dealt with the bank directly. I’m very happy with my decision. We actually just closed on our house today. Its been almost 2 months since we first put the offer in on the house. We should get keys on Sept. 30. I’m soooo excited!!!!

    Post # 6
    Member
    10505 posts
    Sugar Beekeeper
    • Wedding: January 2011

    @irishphoenix:  Maybe you could alter your poll to see if anyone went to a non-bank lender directly?

    Post # 7
    Member
    1839 posts
    Buzzing bee
    • Wedding: May 2013

    @AB Bride:  yeah, we’re using a local mortage company

    Post # 8
    Member
    60 posts
    Worker bee

    What about people in unusual situations?  My SO is a sole trader, so finding a loan that works for us might be a bit more difficult.  Anyone use a broker for a more unusual financial situation?

    Post # 9
    Member
    3270 posts
    Sugar bee

    We did both, and the broker was able to get a better deal then we could by going into even the same banks.

    Post # 10
    Member
    672 posts
    Busy bee
    • Wedding: November 2012

    We went to both and the broker was able to find us a better deal. Actually we got approved for more through a broker, we didnt need it but nice to know if we did we had more! 

    Post # 11
    Member
    166 posts
    Blushing bee
    • Wedding: August 2013

    I went to a broker, but actually found and got better rates directly with the bank afterwards.   Don’t be afraid to shop around.   Get something in writing from one bank and then take it to another bank and ask them to beat it and see if they will give you a better rate or conditions.  

    Post # 12
    Member
    345 posts
    Helper bee
    • Wedding: November 2014

    Broker. 

     

    My friend is our broker and he explained it this way: its like booking a flight. The bank is like an airlines website, say delta for example, and the broker is like Expedia or orbitz. 

    The bank has a certain rate they give you but a broker can help you shop rates. our broker showed us a TON of rates. I also went through a bank at the same time to weigh my options and I wasn’t pleased. We haven’t locked a rate yet, though, because we are dealing with a short sale (ughhhhh what were we thinking). 

     

    This is just my opinion and personal experience! Hope it helps 🙂

    Post # 13
    Member
    10369 posts
    Sugar Beekeeper
    • Wedding: September 2010

    Brokers are a waste of money IMO unless you have bad credit or very unusual circumstances. You either pay them through an upfront sum or through the fact that they are sending you to banks they get kickbacks from. No bueno unless you’re desperate.

    We got a record low rate going through the banks ourselves. Just shop around yourself.

    Post # 14
    Member
    9696 posts
    Buzzing Beekeeper

    @crayfish:  +1. We got a low rate all on our own for each of our properties.

    Post # 15
    Member
    4651 posts
    Honey bee
    • Wedding: August 2012

    We went directly through the bank.  We wanted to keep everything simple, and in the same bank.  It turned out to be a great decission.  Our loan officer was amazing, and we still got a great rate.  

    Post # 16
    Member
    499 posts
    Helper bee
    • Wedding: July 2013

    Directly with the bank.

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