Should I use a mortgage broker or my Bank (WAMU) to get a home loan?
Home Mortgage
Dr_knowital asked:
I’m looking to get a first time home loan and was wondering what the advantages and disadvantages of going with a Mortgage Broker vs. my bank (Washington Mutual)? What are some of your experiances?
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I’m looking to get a first time home loan and was wondering what the advantages and disadvantages of going with a Mortgage Broker vs. my bank (Washington Mutual)? What are some of your experiances?
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February 26th, 2009 at 7:34 am
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Well, if you bank with WAMU, you might consider another bank. They won’t be lending any money for much longer. Try reading the business news.
February 26th, 2009 at 5:54 pm
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A mortgage broker will charge for the loan — usually about 1% of the loan for their fee. A bank will often have lower fees. I am going through the process now. It is turning out to be easier to get the loan from my bank. One thing that you should know is that it is fairly difficult to start the process with a couple of mortgage brokers as well as a bank. They all need the same documentation — they all need to know the property, etc. There doesn’t seem to be a standard way for banks or mortgage brokers to “tell you how much the loan will cost me” without having the property in front of them. The problem is is that once you are under contract (which is the only time they will or can quote you loan costs) then you don’t really have any time to be shopping around. I am going with my bank — BankOfAmerica for my current property — but I’m not at all sure that they are the cheapest — just the one that can fund it in the time that I need it funded.
February 27th, 2009 at 2:05 pm
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You can apply to both and see which one works better. A broker is going to shop a lot of banks for you to find the best program where your bank is limited to only offering you its own programs. Try both and then compare your options. You get a window in which to have your credit score run multiple times but it only counts as a single inquiry for to allow you to shop around .