Can anyone tell me the difference between these two as far as mortgages go? Pros - cons. What kind of money am I looking at for a mortgage broker. What do they charge? Thanks.
This has just been my experience with banks vs. mortgage brokers. I found mortgage brokers alot more helpful - they have access to more loans than a typical loan officer with a particular bank. Also, the mortgage broker does more of the work for you. They have access to many banks so if one bank doesn't offer a certain program, there is usually another bank who does. When dealing with banks - they all want to pull your report and if your credit, income, down payment, etc. doesn't meet their criteria you have to go to the next bank, and so on. It's alot more work for you. Also, I noticed in my area that most banks do not deal with such loans/programs as FHA or 80/10/10. They only do the basic conventional 20% down. Almost unrealistic for many first time homeowners. Dani
