http://www.trulia.com/voices/Financing/What_is_the_benefit_of_using_a_mortgage_broker_as_-142443en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-Whitinsville_MA-149250/http://www.trulia.com/voices/profile/Real_Estate_Pro-Whitinsville_MA-149250/Hi Karen, I am not a mortgage broker, but a realtor who works with some excellent mortgage brokers who I refer to my clients all the time due to their expertise in the mortgage industry. With so many different types of programs out there to fit your financial needs, I feel it is very important that I refer my clients to someone reputable and someone who is personally dedicated to helping you buy a home. I think it is a good idea to see if you can get a personal reference as well from friends or family members, or if working with a realtor, see who they can refer to you. I have one that works in Westborough, one in Quincy, and another in Needham I can refer you to if you are interested. I would check out at least 2 people to get some ideas on rates and programs, since any more and your credit may take a hit in points. If your score is 680 or higher, you'll definitely get the better rates, and if not, then the mortgage brokers I work with may also help you with a financial plan to better your score so you can be successful at buying a property in the future. I wish you well on your search for a home. Now is a great time to buy! Angela Dolber Prudential Prime Properties 608-826-8553 angela@pruprimehomes.comSat, 04 Jul 2009 11:08:26 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-48170-173414/http://www.trulia.com/voices/profile/Real_Estate_Pro-48170-173414/Everyone so far has hit the nail right on the head. When dealing with a large (and increasingly complex) financial transaction like a mortgage it is best to deal with someone personally, preferrably someone who works for a local, reputable lender. With bankrate or L-tree a lot of the time you are dealing with less experienced individuals with little to no knowledge of your local area - something that can be a huge problem when they are trying to close your loan. And as far as I'm concerned, it doesn't matter if XYZ lender is giving you a great rate if they can't deliver the loan. I'm not saying everyone associated with those websites is incompetent, I've just always felt that a great mortgage banker should be able to generate their own leads through word of mouth and performance as opposed to purchasing their leads and competing strictly on price. A good mortgage broker can shop for the best terms for you and guide you through the process, becuase they have a better idea of what to look for. The bottom line is that a mortgage is much more than an interest rate and closing costs. Knowledge, experience, and customer service are much bigger parts of the transaction that sometimes go unrecognized. Unfortunately some people have to learn the hard way. Don't make yourself one of them!Fri, 03 Jul 2009 12:01:08 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Boston_MA-708003/http://www.trulia.com/voices/profile/Real_Estate_Pro-Boston_MA-708003/I don't know about you, but when dealing with the largest financial obligation you are likely to make in your life, why would you put all of your financial details on a website if you don't have to? There are so many reputable lenders in the Greater Boston area, you do not have to do this. Everyone knows someone who bought a home in the last 5 years. Ask your friends, colleagues and family who they used, and what they liked about them. Bankrate has a multitude of mortgage brokers and mortgage lenders to pay to participate in their referral program. That is why their website says to indicate to the person at the associated bank/lender/broker that you found them through bankrate.com. Software can only ascertain so much. You will need to deal with an individual at some point to narrow down the specifics of your purchase and credit file to give you an accurate picture of your options. Bankrate does offer some valuable tips, such as this one: Boost your credit score as high as possible before applying for a mortgage. The higher your credit score, the lower your interest rate. Do not open any new credit accounts or close any older accounts. These actions will damage your score.Fri, 03 Jul 2009 09:46:22 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-01915-96501/http://www.trulia.com/voices/profile/Real_Estate_Pro-01915-96501/When you enter your information into a system such as bankrate or lending tree they simply distribute it to several lenders. The problem witn this is that they all pull your credit individually. Everytime your credit gets pulled your score goes down a little bit more. This can be costly if you are close to qualifying. The lender that I work with will pull your credit and give you a copy of it to use as you are shopping around. Good Luck!Fri, 03 Jul 2009 05:30:24 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-02459-775861/http://www.trulia.com/voices/profile/Real_Estate_Pro-02459-775861/Hi Karen, A good mortgage broker will review your buying situation and qualifications before looking for lenders for you. They will also know where the most competitive rates are. A broker's expertise is often much broader and deeper, due to the fact that they have to be knowledgeable with many products to be successful. Most brokers work solely on commission so your success will also be yours.Fri, 03 Jul 2009 05:01:12 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Flemington_NJ-323998/http://www.trulia.com/voices/profile/Real_Estate_Pro-Flemington_NJ-323998/Shopping somewhere like bankrate simply puts you in touch with a slew of brokers/bankers who pay to be on bankrate, rather than generate business from referrals or by sharing their knowledge.. Try for getting a referral to an honest, upfront mortgage banker or broker from a friend who had a good experience, or read some blogs online and find a mortgage banker/broker who has programs and the knowledge to fit your needs. Good luck!Fri, 03 Jul 2009 02:56:48 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-30310-259160/http://www.trulia.com/voices/profile/Real_Estate_Pro-30310-259160/Greetings, If you have shaky credit a broker will be able to 'shop' your profile with different funders. If you have good credit then what is wrong with going into a bank...maybe even your own financial instituion and making a mortgage application? No matter what get a Good Faith Estimate and find out what they are charging you for. I guarantee you will see differences in a side-by-side comparison of fees between a broker and lender. You only mentioned two options in your question...broker/bankrate. Try getting the scoop on broker/bankrate/credit union/lender. Good Luck,Fri, 03 Jul 2009 01:30:37 -0700