Thread: Mortgage Brokers or Banks?

I prefer bank for it.. Property is safer with the bank than a mortgage broker.. This is just an opinion...

I think we should go to a bank as it's going to be more realible and they are sure to help you on any issue.

Of course bank.. Bank is more reliable and responsible than any mortgage broker..

I will have to go with a broker as an investor. If you can create a relationship with them, you are in there. Yes, you both need each other, but you are given the inside scoop with special programs and offers of that business. I choose the broker.

Banks... responsible? LOL! Two of my banks have been taken over by the FDIC in the past year. Also banks sell and swap mortgages left and right, and can be completely irresponsible. When BofA took over my brother's CountryWide loan, they tried to ding him for PMI again, even though he was well above water and owes less than 70% of the value of the house (after dropping in value about 20%).

I have financed and re-fi'd my houses many times, and I have always used mortgage brokers. Banks charge more for interest (for some reason that baffles me), they are more pickey, and they can only offer you loans on what the bank has to offer. Mortage borkers can select from a wide spectrum of loans, they typically give you far better options, and often times from the same banks with lower interest rates and lower finance charges.

Frikkin' banks? Not for me, thanks. Mortgage brokers all the way.

A bank will only sell you one of the few programs they have. A broker will have available many programs from many banks.

Would you rather support your small local store with two options of a product and likely premium prices and maybe they know your name or go to the large retailer with fifty options and the most competitive pricing thereby getting the best deal for your money?

Both have advantages.

Interesting point of view on both the banks and broker,it all depends upon choosing the right bank or broker.Broker does have their advantages as pointed out rightly but a wrong person might be a catastrophe than any bank can ever be for you.

Brokers are just as regulated and safe as banks (at least here in BC canada anyways)

Think about it this way... Would you just walk in to the first store to buy a new TV? No because you are restricted to the prices and selection of that particular store. You would likely get a much better deal if you shopped around and got the stores competing for your business so you could find the best product for YOU. Its the same with a mortgage broker. They can take your application and then look at several banks and get you the best deal. They do all the work while you go on living your life! Plus you only have to do one credit check. if YOU were to go from bank to bank re-applying it would not only affect your credit score but the banks would treat you like a flake.

A mortgage broker is definitely the way to go. They work for YOU not the bank and the great thing is in the end (at least here in BC) you don't even pay them, they get paid their fee by the bank you go with.

Its a win win.

Also to a bank your just a number, the days of having this "personal relationship " with your bank are long gone. if you want a good "relationship" have it with your broker. Let them manage and keep up the relationship with the various banks they work with, while you reap the benefits.