Where readers ask and we try to answer. Kelly are you listening!?
Why would a [mortgage] broker be better than a bank at this point in the market. I am an investor and have used brokers and bankers, both have been of great service to me in the past. But, I have relationships on both sides of the coin and it seems the playing field is level.
In the past I have used a broker for a faster turn time, more creative loan types, and reduced income documentation. Where as today, it seems as if there is no advantage to utilizing the broker. Perhaps the rate is a small amount lower(.125 at most), the fees are larger, there is more uncertainty and lack of control that the broker has in the grand scheme of things, and the banks they choose from, well, I have direct access to them. i.e, Wamu, Wells, Chase, Citi.
Please provide clarification for me. It seems like we have entered a 20 percent down world, regardless, and I would love some insight on the subject. I prefer to stay anonymous. Thanks
Since you preferred to remain anonymous on this, we had no way of contacting you to clarify the “and the banks they choose from, well, I have direct access to them. i.e, Wamu, Wells, Chase, Citi.” sentence you made. You lost us on that.
Regardless, thanks for the question and hopefully Kelly or another mortgage broker or possibly some bankers will come in with some answers.