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where to get a mortgage

I've been told that getting a mortgage loan through a bank is the best way since its cheaper. Is this true? Are there any advantages to getting a mortgage loan through a broker or a mortgage company? by NNelso_463_516 from Oak Harbor, Washington. Aug 21st 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

In General, getting a loan through a bank is cheaper. However, rates and fees can differ greatly from bank to bank. You have to get quotes from several different banks in order to make an informed decision. Brokers have an advantage when it comes to the amount of loan programs they have access to. If you have are a less qualified borrower, a broker may have better options for you. I would get quotes from 3 loan officers and dont forget that the loan officer themselves is an important factor. You want someone who you trust and that will be available to answer your questions. Best Of Luck!

Aug 21st 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

If you're looking into a mortgage and looking for the best deal possible, then the best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. With the local Bank.. They have just a handful of different lending programs, and if your scenario doesn't fit into their small confined box, you're denied, but the broker on the other hand has access to 30 to 100 lenders, and it becomes much easier to find a loan for your loan scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders. He's also available to answer your questions and walk you through the process. Dealing with the local Big Bank.. You're more likely dealing with an application taker rather than a loan officer.. Loan offers with your local broker, has gone through extensive training, education, licensing and federal background investigation, your local big bank loan officer is not required to have any of this done. All in all, you will get better service, easier access to your loan officer, he'll be better educated on the different lending programs, and will most likely offer you better terms, fees and costs than your local Big Bank.. so you tell me.. which one sounds better.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 21st 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,904 contributions

Actually, that is not true. It is true that Banks will tell you that Mortgage Bankers and Mortgage Brokers do add a layer of costs that they don't have, but what they don't tell you is that the rates we get from them is a better rate than what they are willing to give their customers that walk in. Why? Volume. The cost of a bank taking an application and doing everything to get you to the escrow table is very expensive when compared to the money they can make by simply buying the loans from a "packager". By off-loading all of the expensive up-front costs, they make more per transaction, and we Mortgage Bankers/Brokers have extremely low overhead. This means that at the end of the day, a customer who uses a Mortgage Banker or a Mortgage Broker will have lower total net costs and rates than those that go directly to the bank. I know this to be true because I have worked for Banks, Mortgage Brokers and am now a Mortgage Banker. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Aug 21st 2012
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Josh Kostelyk (josh@lendinginseattle.com)
#44 ranked lender in Washington - 9 contributions

Not true. As a broker I can shop around to many different banks/lenders and get you the best deal. If you go into your local bank you're just going to get one option. The best thing to do is get quotes from your bank, a broker, online, etc and see who has the best deal. I'm positive you'll find a broker is going to give you the most competative rate! Give me a call or email if I can be of any help. Josh@Lendinginseattle.com or 206-282-2959. Cheers!

Aug 21st 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

Going through a broker is the best way to get a mortgage. If you go to a bank you get their products only and have to go by any overlays that bank has. If you go with a mortgage broker they have a ton of lenders to choose from with many different loan products. Most of the time it will be cheaper to go with a mortgage broker as well.

Aug 21st 2012
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DOUG CAPPS (DOUG CAPPS)
#1 ranked lender in Mississippi - 205 contributions

I've worked at a bank, a mortgage broker and a mortgage lender. There are pro's and con's to them all. The best suggestion anyone can make to you is compare - compare rates, costs, service and reputation. Sometimes it doesn't matter "how many" loan programs you can qualify for, but which one is the best for you and your individual financial situation. Determine what your mortgage options are and then make your comparisons.

Aug 21st 2012
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Matt Elston (Matt.Elston)
#4 ranked lender in South Carolina - 50 contributions

This why the government created the Truth in Lending Disclosure, compare the A.P.R.s and go with the lowest.Matt Elston, Mortgage Originator, AgSouth Mortgages, 1321 Springdale Rd, Rock Hill, SC 29730office line: 1 (803) 324-1131, ext 1melston@agsouthfc.com

Aug 21st 2012
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Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

I think it depends on the day you visit your bank. Sometimes I find the banks pretty competitive and other days they aren't. The more important thing is to work with someone you know, like and trust. Big banks often have inexperienced loan officers who don't know how to get your loan done. Big banks are often also notoriously slow so you need to be patient. Mortgage brokers often have the best rates but be wary of added fees, etc. The bottom line is if your rate is low there is probably a cost to that. If your costs are low, the rate may be slightly higher. We're not in the non-profit business. I hope this helps. You are welcome to contact me if I can be of further help! And good luck!

Aug 21st 2012
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