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March 20th, 2014 4:44 PM by Robin Bain
Mortgage broker or direct lender?
When I need a mortgage, more often than not I’m going to use a broker, for the following reasons:
Wholesale mortgage brokers will always have access to lower interest rates because of the fact that the bro
ker does all of the work on the loan, from origination to qualification to submission to closing; a “direct lender” will have at least two to three people within the bank that will need to work on the loan to get it to closing and all of them will demand a paycheck.
How much can a broker save you on a mortgage? According to Zillow, between a quarter and half a percentage point. That may not sound like a big deal, but borrow $300,000 at 5 percent, and you’ll pay a total of about $280,000 in interest over 30 years. Raise the rate by half a percentage point to 5.5, however, and your total interest bill rises to $313,000. That’s $33,000 more — enough for a new car.
Brokers are also more likely to find specific programs that meet your personal needs. When you go to a direct lender, they’ll attempt to fit your loan into their available programs. An experienced broker, on the other hand, will start with your situation and find the lenders or programs that best suit you.
A broker may also have access to lenders you don’t. Brokers often deal with private lenders that don’t deal directly with the public.
Since they’re often working on commission, no deal means no payday for brokers. That means they’re more likely than a bank to show you only the loans you’ll be approved for.
Finally, they’re less likely to keep “banker’s hours,” meaning they’ll likely be more responsive in the evenings and on weekends.
For more on this please see:
Posted by Robin Bain on March 20th, 2014 4:44 PM
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