Home Buying in 91343>Question Details

Terry, Home Buyer in North Hills, CA

With regards to getting my loan, is it better to go direct to a direct lender, or is it smarter to use a broker?

Asked by Terry, North Hills, CA Sun May 6, 2012

Help the community by answering this question:


Personally, I would rather work with a broker any day as opposed to a bank. Unless it's a small community bank, which generally don't do conventional mortgages anyway, but do give up close and personal hands on service, I'd tend to stick with a Mortgage broker.

Most big banks don't have a clue about how to deal with people because their employees are just a bunch of robots trained to provide very scant service at best. It's not really their fault it's just the training or lack thereof that's provided to them by these "To Big To Fail" Institutions that are scared to death to let go of any of the bail out billions their sitting on.

Whew! Boy do I ever feel better now that I got that one off my chest. LOL!!
0 votes Thank Flag Link Mon May 7, 2012
A big part of your loan process is the customer service from the loan officer you will be working with. I think it plays a bigger role than the bank or broker debate. Some people have rates that are a bit high but most are competitive. You'll find some places still gouge you on fees, but again, usually not drastic differences. And it all gets disclosed to you.

But mortgages are rarely "get pre-approved, then you get an offer accepted and they you just wait and close." There are often hiccups during the underwriting process, as well as before and after issues. A loan officer who takes forever to respond to you, or doesn't seem interested in putting you in the best loan program for your needs, or seems unsure of his decisions or simply grates on you, well, that 1/8 of a point they are saving you, better known as the 13 bucks a month savings, is not worth the aggravation.
0 votes Thank Flag Link Sun May 6, 2012
Hi Terry
It depends on your situation. I work with direct lenders as well as brokers. I always tell my clients to get a couple of opinions, so you can decide what works best for you. I'll be happy to provide you with referrals, if you need any.
Best regards,

Liliana Alfonso
Rodeo Realty
818-414-0396 cell
818-761-7277 fax
DRE # 01759367
0 votes Thank Flag Link Sun May 6, 2012
In my opinion if you have the time to shop around yourself and know what questions to ask then it's better to go directly to a lender but if you don't have the time and don't know what to ask then it may be better to use a broker because that's their job and they should know the best lenders to use and what it will cost you.
0 votes Thank Flag Link Sun May 6, 2012
I would go to your lender :)
0 votes Thank Flag Link Sun May 6, 2012
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