Mortgage broker or bank best for well-qulaified borrower? (loan, pre-approval, fees)

[richzimme]

Curious whether a benefit to use a mortgage broker vs. applying directly at a bank.

My co-worker told me I'll get the same deal from my bank but some fees will be lower (than the broker's fees) if I just get the mortgage from my bank. Is this basically true?

My FICO is 810, no debt, steady federal employment past 20 years (inc presently $98k), mortgage app of about $220k? I have loads of savings, vested federal and military retirements.

Much thanks.

[SmartMoney]

Pink room, blue room, it's a matter of personal preference. Larger banks (big boxes) tend to be rigid and slow, tripping over themselves. Your scenario appears to require no special handling, so I recommend you concentrate on finding an individual, rather than the company. Question I recommend asking: does your company process, underwrite, and close the loan? Can you have a true pre-approval on file? And, if needed, can they accommodate a quick closing? (30 days or less).

[LifeIsGood01]

Originally Posted by richzimme

Curious whether a benefit to use a mortgage broker vs. applying directly at a bank.

My co-worker told me I'll get the same deal from my bank but some fees will be lower (than the broker's fees) if I just get the mortgage from my bank. Is this basically true?

My FICO is 810, no debt, steady federal employment past 20 years (inc presently $98k), mortgage app of about $220k? I have loads of savings, vested federal and military retirements.

Much thanks.

If the bank does not have a loan origination fee and the broker obviously has some fees in order for them to get paid and all other things are equal the bank would be cheaper, but if the broker can get you a better rate to make up their fee that can be an option.