Author Topic: Is there a difference between a mortgage broker and going to a bank?  (Read 1959 times)

Offline Entrepreneur

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Looking to refinance.  Does it make a difference if it is a foreign bank, like a Chinese bank in China Town or wherever.  Any recommendations?

Thanks

Offline Centurion

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #1 on: April 22, 2013, 10:29:28 PM »
brokers do the work and get it done.
banks add lots of red tape
i went to chase (local) to get a mortgage after 6 mo i gave up to much red tape,
now the funny part!
i went to a broker- close less than a month- 2 months later the bank sold (servicing) to chase!
no my banker upset why i didnt use him- he sees i used "chase"!
you can only make a first impression ONCE

Offline Yordai Dooma

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #2 on: April 22, 2013, 11:06:05 PM »
brokers do the work and get it done.
banks add lots of red tape
i went to chase (local) to get a mortgage after 6 mo i gave up to much red tape,
now the funny part!
i went to a broker- close less than a month- 2 months later the bank sold (servicing) to chase!
no my banker upset why i didnt use him- he sees i used "chase"!
+1
also the broker can get the best rates amongst all the banks

Offline Shreknit

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #3 on: April 22, 2013, 11:11:02 PM »
So my father is working on helping my sis get a mortgage and he got quoted percentage from a highly recommended best in the business broker of 4.2% while chase directly is offering 3.6%
Obv different people wi have diff experiences. But that's ours.

Offline yaakov s

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #4 on: April 22, 2013, 11:30:33 PM »
brokers do the work and get it done.
banks add lots of red tape
i went to chase (local) to get a mortgage after 6 mo i gave up to much red tape,
now the funny part!
i went to a broker- close less than a month- 2 months later the bank sold (servicing) to chase!
no my banker upset why i didnt use him- he sees i used "chase"!
Ditto minus the 6 months , took me 3 days to realize its a waste of time

I found it so appropriate for Corporate America

And Chase direct had  a higher rate had I gone direct , Yet they purchased it for less

Might have to do with bundling??? I'm not familiar

Offline satturn

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #5 on: April 23, 2013, 03:31:21 AM »
why is this in "up in the air?

Offline Jkhein

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #6 on: April 23, 2013, 04:06:50 AM »
why is this in "up in the air?
+1 I think it was earlier in GD and got moved by mistake.

Offline Moishebatchy

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #7 on: April 23, 2013, 09:12:33 AM »
why is this in "up in the air?

Was wondering the same.

Offline Steven

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #8 on: April 23, 2013, 09:27:11 AM »
Was wondering the same.
maybe he's refinancing so he can buy himself a plane. .

Offline Barryg

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #9 on: April 23, 2013, 11:39:18 AM »
+1
also the broker can get the best rates amongst all the banks
Can't someone just go to a few bank websites and check their rates?

Offline Yordai Dooma

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #10 on: April 23, 2013, 02:56:17 PM »
Can't someone just go to a few bank websites and check their rates?
Probably can. I dont know how they do it, but ive gotten better rates with brokers.

I used https://www.guaranteedrate.com/mortgage-rates the last few times.
They are national and i know a few frum people who work there.

Offline meshugener

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #11 on: April 23, 2013, 05:25:43 PM »
Can't someone just go to a few bank websites and check their rates?
Rates varies by applicant, not just by bank.
So I don't think you can get a definite quote that way.
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Offline yossi4k

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Re: Is there a difference between a mortgage broker and going to a bank?
« Reply #12 on: April 28, 2013, 12:22:45 AM »
Is the mortgage broker business worthwhile anymore? More regulation and less commission...
http://articles.marketwatch.com/2013-01-24/finance/36521326_1_mortgage-brokers-fewer-brokers-keith-gumbinger