WHat are the advantages of going with a broker? Would it not be cheaper if I go directly with a bank?

Either one will work for most borrowers' situations. There is no real difference in cost for banks versus brokers. The cost of money on any given day is identical for all lenders. Brokers are not considered lenders or banks because they only place loans with lenders. They typically have multiple lenders with whom they can place your loan. A mortgage bank typically closes loans with their own money under their name and sells the loan almost immediately to other investors. Basically the same situation occurs when you use a broker except the broker cannot close using their money or name. In many cases a mortgage lender will broker a loan to other landers because they may not have the appropriate loan in-house that your situation requires.With the decline in mortgage business today you will find most sources of loans are very competitive but you have to do your due diligence and make sure you are dealing with a licensed originator in the state and check the good faith carefully to find out how much you are paying for the loan. In most cases there will be very little difference between lenders or brokers because they all want your business.

Rates are at all time lows right now. If you are still looking, give me a call. Gregorio Denny -- WeFixRates.Com --

There are NO advantages of going with a broker -- Why ? Because I am the bank ....Read below - I'm Jeffrey Martino Young and I'm dedicated to providing you the highest level of service and care. With hundreds of loan programs available, I can find the best one for you at the lowest rate possible! How can I do this you ask? Because I am the bank- No brokering, no middleman, no messing around. The industry's average closing time is over 45 days to close a California first time home buyer mortgage loan. Our FHA direct loan submissions and in house funding give me the ability to close your loan on average in 14 - 21 days. We simply do it better and with greater efficiency. How is this done? Again I am the bank "lender ". We originate, process, underwrite and fund our loans under one roof in our office in Orange County, California . If you want a status of your loan you will never get the run around from Essex Mortgage Bank.

Brokers do offer (on average) faster turn times and lower rates/fees than you will find working directly with a bank. Though we do work as a 'middle man' as mentioned in Jeffrey's response we are able to shop a variety of banks for the best rate and program for each client. Many banks have a variety of programs, but they are only able to offer the rate that is set by their bank and their bank may not be the most competitive. Brokers operate on the Wholesale side of the banks and thus have faster turn times for processing and more customer driven as we are only doing mortgages while banks have many other services they are looking to provide. I am obviously biased as a broker, but I did work at a bank (both Wells Fargo and Washington Mutual) before becoming a broker and I would not have made that move it weren't in my own best interest to serve my clients. - Thanks, Rob