what is the difference between going through a lender and a broker? not sure what to do first

This can be confusing, but the "lender" ultimately is where the money comes from.. however banker, broker, lender, mortgage bank, mortgage company, are terms used universally to describe the folks you use to get a mortgage loan from.. Banks are lenders. Banker/Broker are banks that have their own funds (lenders), however they also have access to other lenders and can broker the deal if their own guidelines wont allow your scenario. A Broker is signed up with numerous lenders, but does not fund a loan with their own $$$.. you might get conflicting replies as to which would be better, but in general, your better off using a mortgage broker vs. the local bank, or even a banker/broker. Most banks and banker/brokers have a very limited product selection. If you don't fit in their small confined box, then your denied.. even banker/brokers are encouraged to send all their files through their own lending source, and if your file does not qualify based on their restricted guidelines, then they rarely will broker the deal out.. Mortgage brokers are signed up with numerous lenders who offer a variety of different lending sources and varying programs.. They are experienced in seeking out the best terms for your particular scenario. Because most brokers are small shops, their overhead is relatively lower than banks and banker/brokers, so they're able to offer you better pricing, and lower fees than most..I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

They are a very different breed, I have been in the business about 14 years working for both ends of the spectrum. In my opinion a broker has many more options to offer, and is able to help navigate and overcome obstacles. I could easily work for a lender, become a direct lender, but have found it to be much more beneficial and have more control as a broker.Either way just make sure to get a good feel of the broker or company by checking reviews, and also have the loan officer give you options so you have a solid idea of what type of loan, interest rates, and costs you are looking at before you have someone run your credit and start the pre-approval process. At the end of the day you want to make sure there are no surprises in the numbers, and that you are working with someone that WILL deliver what is promised.

A broker of YOUR choice may be the best option.

I used to originate for a broker and now I work for a Mortgage Lender but we are NOT a bank. We have correspondent relationships with many investors and fund loans with our own money via warehouse lines. We also have broker relationships for programs we don't offer. Mason-McDuffie is based in California and I would be happy to refer you to the branch closest to you.

Lender, broker, banker... whew... Whatever, all three will get you a loan. Generally speaking, banks tend to be the most expensive, with the least amount of options, and the poorest trained Loan Officers... Did you know bank loan officers don't even need a license? Non-bank lenders, and brokers offer the options of multiple lenders, do it cheaper, and are required by law to be licensed. Don't let the hype fool you. Talk to a local mortgage broker for the best deal...

The most important reason to work with a broker is because when navigating through the loan process it's essential, especially if you are new to the game, to have an advocate, that is, someone who will look out for your best interests rather than the lender's. Getting a mortgage loan can be a tricky proposition, and very costly if you don't choose the right person and company to work with. Banks do not care about their clients' best interests, only what's in the best interests of the banks. A broker can represent many lenders giving you significantly more options to choose from, and one who knows his or her stuff can, literally, save you thousands of dollars and, very possibly, get you a loan with a lower interest rate. That is exactly what has happened with many of my clients who were on the verge of doing their loans with banks when they began talking to me. One in particular was days away from finalizing a refinance with Wells Fargo, her current lender, when she called me. After spending some time with her on the phone, and getting the info I needed to structure her loan, I was able to do it at a lower interest rate, saving her $30/mo., and reduce her loan cost by a little over $3,000. What was truly amazing about her loan was that I did it with Wells Fargo, which was one of the lenders that we worked with! She did not understand how this was possible because considering that brokers are supposedly "middlemen," the loan should have been at a higher interest rate and cost. That is patently untrue. Banks take advantage of borrowers because they can. Their overheads are so massive due to their big advertising campaigns, thousands of employees, huge bonuses to upper level management, and, seemingly endless; "brick and mortar" locations, that they have no choice but to charge more for their loans. Unfortunately, the average borrower doesn't know this, which is why the vast majority of mortgage loans are still being done by banks, even after all of the banking scandals that have plagued the banking industry since late in 2008. Give me a call 16/7 or email me your phone number so I can call you, and I'll be happy to discuss your loan options with you at no obligation. To learn more about me and our mortgage brokerage, click on the link below. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 46 quality lenders (see the attached lender list) that offer more than 1,000 loan programs, we definitely have something for everybody.

Either option will get you to the finish line, some may have more bumps in the road than others although. I operate as a mortgage broker which means we have contracts with wholesale lenders and work with 5 different lenders, this gives me the ability to shop around for my clients so they get the best costs & rates, also depending on your situation, you may not qualify with one lender's guidelines, so I have other options I can offer you. We have been in business for 33 years and write loans in CA & FL, when you work with us, we will originate and process your loan ourselves and you will work directly with our loan officers. Our experience will assure you are in good hands. You can call me directly @386-569-3761, Lisa and I will be happy to discuss your options and answer all your questions.

As long as you find an experienced representative you feel comfortable with that is the main thing, there are pros and cons to both the broker and the lender. I have been both a broker and a lender over the last 15 years having experienced both I have chosen to work with a bank as it gives me the ability to seemlessly work in all 50 states, while providing loans that a broker wont have access to, as well as broker out to a variety of investors as needed to provide the best option for my clients