Discussions

Anyone have pros and cons for banks vs mortgage brokers? Like Interest rates,etc.

The brokers find you the best possible rate: banks only want to sell you theirs.

The one thing with mortgage brokers is they use a lot of online banks. I’ve gotten the same rate at a bank as what the brokers were offering. With our last mortgage, our broker actually sent us to a bank that she actually didn’t even work with.

Sitting down with a broker is one stop shopping. When I used a broker they had access to regular banks as well as a whole pile of other lenders. We saved a ton of money in penalties by not going with a regular bank because of how they calculate their penalties for breaking a mortgage before the 5 year term was up. I don't see any disadvantages to using a broker, banks will only offer you their own product.

Do not go to a bank. We researched the rates and went to the bank first. They couldn’t give us the lowest rate. Then we went to a mortgage broker, she got us the best rate! We used Naomi Hamm with centum. Will never ever go back the bank.

I have always used the bank for mine. Now with everyone talking broker when it was time to renew I called around. In the end the bank was still lower than the broker could go. I even asked my bank to save me from calling around and give me their best number. It wasn't much but it added to a .1 lower than any broker but adds up.

Give Steven Bannman a call. He will do his best to get you a great deal. Saves you time and likely money!