Do I need a Mortgage Broker ? (home, closing, appraisal)

[neo08]

Hi All,

Going through the process of home buying the first time.

Do I need a mortgage broker to get a better rate ? Or can I just get/negotiate the best rate with my bank ?

How to do this ?


Neo

[JayCT]

Call around and see what the bank rates are. There is no need for a broker, but they sometimes can find you a good rate. Be careful though, sometimes closing costs are higher on lower rate mortgages. Jay

[AmyBergquist]

I would suggest calling a few banks and calling a few brokers. Have each of them spell out all of their fees. If one is giving you a significantly lower rate, they are making it up somewhere in fees.

DM me if you need some recommendations.

[Donna Springer]

Hi,

I can't imagine making a huge purchase such as your first home and NOT shopping around. Banks each have their own sets of programs as do mortgage brokers. Make sure whoever you go with explains all the programs available to a first time buyer and all the costs associated with a mortgage so you have complete information.. Also, ask what each charges for closing costs such as document management, appraisals, title search etc... It costs you nothing to be pre-approved and most sellers require a copy of it with your offer .