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!
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: