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What is your experience with third party lenders, and mortgage brokers as opposed to just going to the bank?
Are they able to find you better rates or at least favorable terms? If that exists. Or are they mostly for people who cant go through traditional routes like a bank because they dont meet the necessary requirements the banks want?
In my experience, a Mortgage Broker has to get paid too. Usually with Points on the Back End for putting you into a higher cost product. Nobody is working for free.
You would be better off going to bankrate.com, picking a term to fit your needs, and applying to 3 of the better rates offered. Compare ALL the terms and conditions.
Remember this -- you have all the leverage in the world as long as your pen is hovering over the signature line. Nobody gets paid until you sign.
Most that I have checked with were higher than a direct bank. The only exception was we once went through our builder, a large national company and their rate was below market, but they were using their finance arm as further incentive to choose them. We got all of our closing costs covered and about an eighth of a percent lower than the lowest market quote. So shop around.
When I recently bought a home I got three quotes, 1 from my credit union, 1 from a broker recommended by a family member and one from a broker heavily recommended by my realtor. The credit union had the highest fees and rates, broker 1&2 both had identical rates but the one from my realtor had the lowest fees. I initially tried getting a fourth from Chase but I had trouble reaching the loan officer and was on a schedule and the big banks were too slow. I had a little over 30 days before we were closing on the family house I sold.
I just used a third party broker for my pending home purchase, and while I think I likely paid a tiny bit more in fees, I was able to speak to a human all the way through the process. It was my first mortgage so unfamiliar territory. When the time comes to refinance in a few years (hopefully as rates drop), since it's less about working with multiple parties to meet timing, I'll take my time and get quotes from my bank as well as a broker. I didn't go through my bank at all.
I r you are super prime, shop yourself, anything less a broker can help you. Some of these websites are all style, no substance...and they can set off a chain reaction of out of State calls from people that can't help you. A job change of other special circumstance and all bets are off. He very careful about hard credit checks, too. I wouldn't want my credit report indicating U was getting desperate for a mortgage.
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