Quote:
Originally Posted by Sniz
A lot of bad brokers are now out of the game I'll agree, but not all. In general you'll have a safer transaction dealing directly with a bank but especially if those banks have deals to broker with other banks you can receive great products and have a safer transaction. Kind of like a broker but not really.
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I'm going to disagree with that. 100% Don't think because they are "banks" they are not shady or as shady as brokers have been. They are less regulated than brokers, and don't have to disclosure everything on paper either...such as SRP to the borrower.
Pro's of a broker:
-Way faster closing times
-Better wholesale rates
-100% disclosure (now due to regulation changes)
-Can shop your loan around for best rate/cost (Any rebate lender pays goes to borrower now, so it's cheap/cheaper a lot of times)
-Do not have 1 size fits all programs. They get the deal closed and overcome obstacles. I.E. You go to bofa, submit loan, get rejected over some minor issue. Broker can switch lenders and find one that will close your deal for you, or be able to show compensating factors to get it closed.
"So the moral of the story is, the bank is not offering a better deal. Find an ethical mortgage broker and keep him or her for life. You will not regret it. "