Will a direct mortgage broker give me a better rate than a loan officer?

Hi Noah,A loan officer is the general term for someone who does mortgage loans. A direct mortgage lender usually has less 'lender overlay conditions' and no 3rd party lender, whereas a broker may be able to shop for a better rate. My company has many options were we are both a broker and direct mortgage lending bank. There are advantages with each option. Besides rate choice, loan structure and the lender shopping mortgage insurance can sometimes have more impact. There is no cost or obligation to explore your loan options me. Please give me a call. Randy Free - Mortgage Advisor - Opes Advisors, A Division of Flagstar Bank NMLS 283930 - 4710 Village Plaza Loop, Suite 130 Eugene, OR 97401 - Direct Phone 541-984-5428 - rfree@opesadvisors.com

There isn't a straight answer for this question. You best bet is to take a look at both options and compare the rate as well as the Apr.

All lenders have Loan Officers". All Loan Officers review your situation, determine your loan options, then quote you a deal from their offerings. Banks generally only have their own offerings to chose from, non-bank lenders, and brokers generally have multiple options from multiple sources. Hence they generally have slightly better deals than the banks. Large well known internet lenders are by far the worst choice, while the local mortgage broker down the street is generally the best choice. From there it is even more confusing, as one may offer a lower rate, but higher costs, while the next may offer lower costs but a higher rate. One may suggest going with this program, while the next may suggest another. Most bank Loan Officers are not licensed, only registered, while almost all non-bank Loan Officers all have an individual license. Confused yet? Welcome to the club. But at the end of the day, it is a well documented fact that your local mortgage broker is almost always your best bet I lend in MN, WI, IA, SD, and ND. Click my name for more information, or visit me at JoeMetzler.com. NMLS274132.