There are many reasons why it can be better to work with a mortgage broker instead of a bank when you are trying to get a home loan. A great mortgage broker will work very hard for you to find you the best product and to help you get into your new home as quickly as possible. In fact a mortgage broker can often help you to get that pre-approval letter when a bank is not able to.
|Pros to working with a mortgage broker
|Cons to working with a bank
|A mortgage broker can generally close a loan much faster than a bank (often in 3-4 weeks)
|Generally take longer to close a loan than a mortgage broker
|Rates are generally lower since a broker can shop rates with hundreds of lenders
|Rates are generally higher since a bank can only offer you their own rate
|Mortgage brokers are matchmakers and have a better chance of finding a loan that they can get your approved for since they can shop hundreds of lenders for the right product
|A bank can only offer you the handful of products they offer and might not be able to approve you for one of their product
As you can see the pros to working with a mortgage broker should help you to make your decision much easier. Call me today and you could be looking for your home tomorrow and moving in next month.