I am looking to buy a house and I was wondering if it"s best to go with a broker or an individual bank like Wells Fargo? Also, if 3 different banks/brokers pull my credit will that cause a big decrease? Thanks
You've got to shop around. There will be differences in services offered and fees assessed between banks and brokers. Make sure you entertain offers from several sources, and then you can make a more informed decision. Since mortgages are manually reviewed, all inquiries related to mortgage shopping will be viewed by prospective lenders as a single inquiry, thereby lessening the impact on your score.
A broker (or at least a good one) should have access to multiple funding sources, and should be able to find the best deal for you.
True. But also remember that the mortgage broker's income is mostly by commission, paid for by the consumer. Due diligence is the way to assure that your are not used unfairly. Reading the mortgage offer and mortgage documents before your sign an essential element of due diligence.
