Should I use the services of a bank or a mortgage broker instead? What are the odds?
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Should I use the services of a bank or a mortgage broker instead? What are the odds?
There are very few good and honest brokers in my experience. Read the terms of the contract carefully. Don’t just trust one because they come recommended, I’ve gotten burned that way too. The most common scam is that they give you the impression that you are approved. A couple of weeks before closing they find excuses not to push the application through and offer a private loan instead with huge fees and extortionate 1-year rates. You can guess where that loan is coming from.
It really depends on the individual person, while some brokers can be really sketchy and pushy. There are some people that have been so lucky with the mortgage brokers they worked with. I applied for a mortgage with my bank because I prefer having everything in one spot. They got me a variable which is pretty affordable for my convenience and comfort for having everything at one institution. It just comes down to personal preference and what is more important to you.