Using A Mortgage Broker Vs A Bank

Pros For Using A Bank

Working with a bank to find the right loan for a home is easy, since buyers can walk right into their bank and apply for a mortgage with their longtime banker. The pros for using a bank are more prominent when the bank is one the buyer has a longtime relationship with, but using a bank can be beneficial to any buyer. There are many banks and credit unions with competitive rates willing to work with buyers to find the right mortgage. When a buyer works directly with the lender, they feel more control in the situation. The rates are often lower with a bank someone has an existing relationship with, and it’s easier to make automatic payments by linking existing accounts so buyers can bank with ease. Without a middleman like a broker, the process does feel faster for many buyers.

However, there are potential downsides to using a bank. Continue for details on this.