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Seattle Real Estate Blog

Should I go with a mortgage broker or a bank?

One of the most common questions I get from home buyers is; “what do you recommend, should I go with a mortgage broker or should I go with a bank for my home loan?”

"Also, is a mortgage broker the same as a loan officer?"

"Is one better than the other?"

All good questions!

Should I go with a broker or a bank for my home loan?Although yes, finding yourself a good Realtor is vital to ensuring a smooth home purchase, a great mortgage professional is equally important to ensuring a successful closing.

During the home purchase process, you will spend way more time with your Realtor, driving around, looking at homes and a good personality fit helps. For your lender, however, you might see them once or twice, or maybe even never, through the whole purchase. However, they will be busy in the background doing their due diligence to ensure your financing is being taken care of.

For this article, I teamed up with mortgage expert Luke Skar of Inlanta Mortgage and MadisonMortgageGuys.com to help explain the difference between the two main sources for mortgages. We will look at the differences between mortgage brokers and banks, the pros and cons of each and just as importantly, how to find a good lender.

I’ll cover things from the Realtor/home buyer perspective, while Luke will go over the different types of lenders and the pros and cons of each option. Both of us will give you our opinions on how to find a good lender.

From the Realtor's perspective.

The importance of a good mortgage professional:

When I...

Yes, strangers will pee in your toilet. A non-essential guide to home selling inconveniences

When you list your home for sale, the objective is to get buyers in the door, make them fall in love with the home and make a great offer for a smooth, hassle-free closing. Obviously, part of the aforementioned formula, is, well, letting people into your beloved home. People who you have never met before and probably never will, will be parading through your home and kicking tires. And yes, some of them will even pee in your pristine, spotless toilet!

Yes strangers will pee in your toilet when you sell your homeThis can be a stressful scenario for some home sellers, especially those who appreciate their privacy and those who keep their homes neater than a pin.

Very few people are willing to buy a home sight. Buyers will want to see your home in person before committing to making an offer and you need to make your home available to them.

Yes, it's your home and you are completely free to control buyer access to it. However, it is important, if at all possible, to make your home as accessible as possible for that first week after you hit the market to maximize your chances of a quick and successful sale. If you overly restrict access to you home, you are reducing your chances of getting the best possible price for it.

Will every buyer respect your home with the same level of respect you show it? To be brutally honest, probably not. It's best to be ready yourself for some minor, short-lived nuisances, but when you close it will be worth it all.

First of all, how do buyers get access to see your home?

The first way buyers come to see your home is by viewing the home with their agent. The Buyer will...