bank or broker? what is best option?

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*Pros of working directly with a bank: - Building off existing relationship - Perhaps more trustworthy, more accountable - Better rates in some cases - Ability to add mortgage to existing banking profile and make automatic payments from existing accounts *Pros of working with a mortgage broker: - They do the legwork for you, comparing the wholesale rates of a large number of banks and lenders - Wholesale interest rates can be lower than retail (bank branch) interest rates - Brokers must disclose the yield-spread premium, banks do not - Can finance tough or tricky deals - Are typically easier to get in contact with, less bureaucratic **Cons of working with a bank: - Conservative loan programs - Do not disclose the yield-spread premium - Lengthy process, very bureaucratic - False promises - They make mistakes - May overcharge you (commission doesn't need to be disclosed) - Incompetence (poorly educated about the home loan process in some cases) **Cons of working with a mortgage broker: - They can make mistakes - May overcharge you (how mortgage brokers make money) - Possible False promises - Incompetence (poorly educated about the home loan process in some cases) - May not have access to programs with select banks. --------That said, your experience can really vary based on who you choose to work with, as some banks and lenders may overcharge you and give you the run-around, while a mortgage broker may do an excellent job and secure a lower interest rate for you. And vice versa. It really depends on your situation and the specific bank or broker you ultimately work with, so be sure to shop around.

Personally, I would that a broker is a better choice. Brokers usually have relationships with several banks and lenders and therefore can offer more choices. Also, if you work with an honest broker, like myself, they will educate you on the entire process, including fees, etc. Example: I charge 1% Broker fee plus $695 processing. I don't care if the 1% is paid by the lender/bank or by the borrower, or it can be split. I don't charge junk fees and I don't cover any third party vendor fees. I am very honest and take very good care of my borrowers. The reality is that referral business is more important than the one time shot.I hope this helps.