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Bank should be your absolute last stop! Go through a broker who doesn’t charge origination fees (they’ll get their cut from the commission in selling to banks) Or try going to a couple of lenders getting written quotes and playing them against each other. Due to fair lending laws they can’t just give you a deal, bc then everyone else applying would have to get the same discount. However if you provide them a written quote they can beat it.
First time home buyers credits
Dude, no, mortgage brokers are scumbags. Go to a bank, preferably the one you already bank at. You can get a discount by having multiple accounts, direct pay, etc.
That is not true, SM1. Banks can only sell their products. A good mortgage broker can resell for a number of entities and get you better products and rates for your particular situation.
Credit unions typically can provide better products but are much less flexible with nonstandard situations.
Apparently apparently no one here works with the banks mortgage depts. While yes you get some discounts for being a preferred customer they have no incentive to be super competitive vs them working with brokers who they know are shopping around for their clients. Plus there is this called truth in lending which takes away the brokers ability to be shady. Borrowers can now see the cost of their mortgage in plain terms
I have had 5 mortgages. I have done both routes. By far the banks are the worst to work with and most incompetent/inflexible. I would use a mortgage broker that is good...they are not all scum of the earth like SM makes them out to be and they have access to tons of banks and products you’ve never heard of with better rates. The big banks have never beat their rates / cost and it’s absolutely right you can review the good faith estimate TIL and APR and see impact of any fees. The same reason why an insurance broker is usually a better bet than your Famers agent. They are captive to a single product and often it’s not the best price in the market. YMMV.
I prefer a mortgage broker than an individual bank. Much better service same or lower cost.
Reputable Mortgage broker for sure.
Our bank gave us the best rate actually. We are platinum customers with the bank, so there were all kinds of incentives to be had.
Bank directly, mortgage brokers are middle men, and guess what they get paid in ...$$s. Need to hit up 3-5 banks to get the best rate. Usually a bank that doesn’t have your business will give you .25-.5 better to open an account with them as well.
Some of those truth in lending regulations were introduced after the 08 housing crash, which was largely caused by predatory mortgage brokers. All of the financial regulators that I personally know and have worked with still say to stay away from mortgage brokers, and work directly with banks and credit unions.