Mortgage Brokers or Banks?

dwolowitz

New Forum Member
Registered
Hi Everyone,

I recently moved here in San Francisco, and I am looking forward to get a home. Currently I am resided in the university hostel. Could you please help out as to what should choose to get a financing, a broker or a bank directly. People here told me that it is better to let a broker do all the formalities, a friend of mine livin here got her refinancing from some MFG Mortgage, she also adviced me to go for a broker. I just wanted to get a second opinion. Here are some of the lenders that i googled some days back, can anyone let me know which one is better and repoted.

http://www.lendingtree.com/
http://www.mfgmortgagerates.com/
http://www.lanningfinancial.com/home.html
http://www.mortgagefundinggroup.com/

Regards
David
 

housingrental

Frequent Forum Member
Registered
Got to a broker
Why not rent first for a bit until you have a history in area, and are certain as to the neighborhood you`d want to live long term?
 

MikeMcCrae

New Forum Member
Registered
I am biased but I would say a Broker. Here is why. A broker will look at you situation and find the right product for you no matter where it is. It could be at a big bank (brokers can place deals there) or it could be at one of many Mortgage Banks that specialize in mortgages. A bank can only sell you their own mortgage products weather they are really what you need or not. Banks deal in retail mortgage rates and can give you a lower rate if you fight with them and a Broker only deals with "wholesale" rates. On most mortgage deals in Canada the fees are paid to the broker by the lender not the consumer, so I don`t know why anyone would choose a single supplier when a broker has many options for you.
 

dsmandato

Inspired Forum Member
REIN Member
QUOTE (invst4profit @ May 12 2010, 04:21 PM) Broker.

I would first ask what your long term plan is. If you`re not considering buying more than one or two properties, then a broker would likely be the best choice, however, if you are considering buying properties long term building a relationship with a banker can benefit you beyond just great mortgage rates.

i.e. preferred bank account fees, higher interest rates for your savings account (contingency fund accounts), higher than standard service, etc. Seeing you will need a bank anyways for your banking why not strengthen you relationship?

Why not have a relationship with both? I have a great relationship with my banker/lender and also have a great relationship with brokers. Both sides know I do business with each other and keeps them interested in providing the best value when I`m looking for a mortgage.
 

MarkTorgerson

Inspired Forum Member
REIN Member
QUOTE (dwolowitz @ May 12 2010, 06:36 AM) Hi Everyone,

I recently moved here in San Francisco, and I am looking forward to get a home. Currently I am resided in the university hostel. Could you please help out as to what should choose to get a financing, a broker or a bank directly. People here told me that it is better to let a broker do all the formalities, a friend of mine livin here got her refinancing from some MFG Mortgage, she also adviced me to go for a broker. I just wanted to get a second opinion. Here are some of the lenders that i googled some days back, can anyone let me know which one is better and repoted.

http://www.lendingtree.com/
http://www.mfgmortgagerates.com/
http://www.lanningfinancial.com/home.html
http://www.mortgagefundinggroup.com/

Regards
David

Broker....No question
 
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