Should You Work With a Broker or a Bank?
BuyWise Mortgage
BuyWise Mortgage CA
Published on October 5, 2021

Should You Work With a Broker or a Bank?

Here are a few reasons why it’s better to work with a broker than a bank.

Verify your mortgage eligibility (Dec 4th, 2021)

As a broker, I’m asked all the time, “What’s the difference between a mortgage from a bank and a mortgage from a broker?” Today, I want to answer that question and tell you what I offer to my clients. 

The main difference between banks and brokers is that banks are locked into a single program. If you go to Chase, for example, they have their one program, their one interest rate, and their one way of doing business. On the other hand, brokers are licensed to work with 20 or even 30 different lenders. This lets us shop around for the best interest rate and a program that works for you. 

On top of that, your broker is a certified lending expert you have access to. If you have any questions, you can give us a call, and we’ll give you the information you need. It’s not like big banks never have experts on hand, but sometimes their expert is more like a bank teller than a knowledgeable professional. 

Verify your mortgage eligibility (Dec 4th, 2021)

Brokers shop around for the best interest rate and a program that works for you.

So brokers offer more expertise, better access, and better rates, but are there any additional fees you have to pay? It depends on the broker, but I don’t charge my clients any additional fees. The items we charge you for will be the same items you get charged for no matter where you go, whether it’s Wells Fargo or the broker down the street. 

If you still have questions about banks versus brokers, I encourage you to see what big banks have to offer. Nothing drives home the benefits of a broker like seeing how rigid banks are. As always, if you have any questions, please give me a call. I am always willing to talk.

Show me today's rates (Dec 4th, 2021)
BuyWise Mortgage
BuyWise Mortgage CA
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