Should I finance through a broker?
Hi guys, Just wondering what advice/info you guys have for getting financing. I plan on putting the full 20% down and I plan on getting a 30 year fixed rate loan. Should I try to get financing on my own? OR Should I use a lender broker? I know a lady who's a broker but not sure if I should use her? Do these lenders charge an extra fee or some how put an extra bit of percentage in there to earn their pay? How DO they earn their money? Should I use one? Should I stay away from them and do my own scouring and use my own resources to find a loan??? Thank you!!!! Edward by edtexan from San Antonio, Texas. Dec 7th 2009
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
The NMLS nationwide licensing system has eliminated most of the less than reputable brokers and lenders from the field. Anyone in the business today is committed to doing what is right for borrowers. Past history has shown that brokers originate about 70% of most residential loans. They get paid either from the lender directly, the borrower directly or a combination of the two which is always negotiable by the borrower. What you will gain from dealing with a local person(broker or lender) is a face to face relationship that you can value on your own terms. With the internet today you can easily determine if the terms that you are being quoted are fair in todays marketplace. It would be grossly unfair for anyone to recommend or not recommend a broker just because of their type of business.
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