Home financing-Mortgage broker or directly with a bank?

posted 3 years ago in Home
Post # 3
Member
10489 posts
Sugar Beekeeper
  • Wedding: January 2011

We used a broker.  We started off early because we just wanted an idea about what we’d even be approved for, as some online calculators hugely underestimated what we could have potentially gotten.

We had issues with our first broker.  She preapproved us for something other than what we wanted, and wasn’t completely open about what was happening in the first meeting (ie. telling us live rates, mentioning pre-approval rate holds would be a bit higher when they were much higher).

We switched brokers.  There was a bit of awkwardness at first, because we went with the same small company and they all seem to be friends, but we were much happier with the person we used in the end.

Post # 5
Member
10489 posts
Sugar Beekeeper
  • Wedding: January 2011

@kmarie719:  I recommend you find someone else.  It sounds like you don’t trust her and she’s giving you bad advice.  It was really important I completely trusted the broker I worked with.  Most brokers here have access to similar rates anyway.

Post # 6
Member
3476 posts
Sugar bee
  • Wedding: May 2012

@kmarie719:  If you don’t like her, don’t use her.  You can go with another broker you like better as a compromise perhaps with DH.  Ask friends for recommendations, that’s how we found ours.  We filled out paperwork with a broker (but didn’t close bc we pulled out of a house after the inspection).

Post # 7
Member
10384 posts
Sugar Beekeeper
  • Wedding: September 2010

Brokers are usually only cheaper/better if you have credit issues or other outstanding complications (short work history, low down payment, etc). If you are willing to do the legwork yourself, you can save the broker fees and get the deals yourself. We shopped around on our own and got excellent rates.We shopped about 8 places, and lucked into a bank with excellent service that also happened to be the cheapest (Everbank, if you are interested!).

Are you trying to roll your closing costs into your loan? If you pay them up front, you won’t be paying interest (we did this). If you can swing it, definitely do that.

Post # 8
Member
13168 posts
Honey Beekeeper
  • Wedding: July 2010

We went through a broker who was highly recommended to us by some friends who had also recently bought a home.  She was super easy to work with, got us a great rate, and was always really responsive to anything we needed.  She also did almost everything via email and phone which was really conveniant for us.

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