Should I use a broker or a lender?

Tough question Alyssa - The most import things you want to look for in a Lender are the following: 1) They come with good references - lending is complicated today and you want the best person on your side 2) They offer all products - Placing you in the correct loan is very important and if a Lender doesn't have access to all loan types, you may not get the best loan for you 3) You need to like them and they need to listen to your needs. I have personally choosen not to work for a Broker because I feel I can offer my clients more with the resources of a Direct Lender behind me. That does not mean that a Broker wouldn't serve you well if the Individual that is helping you is good at what they do. If you would like any more information, please visit my website (www.MikeSilkworth.com) - once there you will see my contact information and can call or email. Good Luck!!!

Broker - much better than Lenders or Banks - call me - Keith Lewis 248-901-1700 x 201

I think what your asking is should you use a mortgage broker, or the local Bank (Wells Fargo, BofA, Chase, Etc).. and if that's your question, then this is a simple question to answer.. Your best choice is the Broker.. and not the bank or nationwide/internet lenders.. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

All lenders have the same basic fees and costs... How you pay them varies. Pay up front, hidden in the rate, etc. All lenders gets their rates based on the same bond market on the same day at the same time. If one lenders rate go up, so does everyone else. Next is that non-bank lenders and broker loan officers are required to be individually licensed, while bank, credit union, and lenders affiliated with banks and credit union loan officers do not need a license. To me, when doing the largest financial transaction of your life, I want a licensed person. Finally, brokers have access to many lenders, not just the one offering of a bank. So taking this all into a simple answer, a licensed professional loan offer at a broker is almost without fail your best choice.

I have to say that a direct lender does not always have the same options as a broker. I can do both. Direct lending and broker, I have to say that my brokers have much easier guidelines and are more lenient on credit scores than my direct lending. The days of Broker vs Lender in my opinion is gone. There are not high broker fees like before and additional origination so the wrap of brokers being "bad" is no longer. Here are some of my advantages with brokers. USDA minimum credit score of 580 my direct lender 640, VA 500, direct lender 580, FHA 550, direct lender 580. Also the option to use a broker if your credit score is under a 580 is more than likely the only way for someone to get financed.

If we are talking banks vs lenders/brokers I would say you will generally get better results using a lender or broker than you would over a bank. Banks are good for home equity lines of credit and personal loans if you have time to wait. However, if you want options and better service you will do better with a lender or broker. Fees are about the same for either. I suggest working directly with a local loan officer. Do some research and talk to a few to where you feel confident in their knowledge and their communication. Best wishes, Sean

It is always better to go with a mortgage broker versus a lender. Why? With a broker you have choices - different lender, choice of lenders with better rates, and options for qualifying or closing in a shorter period of time. I have about 10 lenders but use primarily 3 or 4 of them on a regular basis. Depending on my borrowers needs, will determine the best choice for my borrower. But I also let my borrower help make the decision. With a bank like a Wells Fargo, you have one choice. Their rates and their own guidelines or what we call in the industry - credit overlays. I think any broker that responds to this can tell you that they can always beat the rate of the majority of the big banks out there. More competition in the broker wholesale channel means lower rates.