I will be refinancing my mortgage and equity loan, adding them together, possibly next month. What is the difference between going directly to a bank or using a broker? I always thought a bank was the way to go, but now I am hearing different opinions.
if you have a good relationship with a bank and a better than average credit score you can often avoid broker's fees, points, closing cost, etc., because you are dealing directly with the underwriter. With a broker, you may find better rates or creative financing(because they work with several underwriters) but you have to weigh their fees and points into the equation in order to figure out what will work best in your situation. humblemarc
It shouldn't cost you any more to work with a broker than it does with a bank. Ask around your family and friends to see if you can get referred to someone you can trust. If you live in California (SHAMELESS PLUG COMING UP), I can help you with that
