Quick Answer: Is It Better To Go Through A Bank Or Mortgage Broker?

Is it better to get mortgage from bank or broker?

Of course, pricing with mortgage brokers can be just as competitive as a bank, as long as the broker doesn’t take too much off the top.

Wholesale rates can actually be much cheaper than retail interest rates you’ll get with banks, meaning a lower monthly mortgage payment.

Is it best to go through a mortgage broker?

Why it’s usually a good idea to get mortgage advice

Lenders (usually banks) and brokers must offer advice when they recommend a mortgage for you. Although lenders and brokers must offer advice in almost all cases, you might be able choose to reject the advice and find your own mortgage deal based on your own research.

Can Mortgage brokers get better rates?

Some brokers do check lenders’ direct-only deals too. However, they are more likely to charge a fee. In reality, it’s unlikely a broker could guarantee you access to EVERY mortgage, as exclusive deals can be arranged between lenders and brokers (and clubs that brokers can join).

Does it cost to use a mortgage broker?

Unlike loan officers, mortgage brokers don’t work for banks. They operate independently and must be licensed. They charge a fee for their service, which is either paid by you, the borrower or the lender. The fee is a small percentage of the loan amount, generally between 1% and 2%.