Wednesday, February 1, 2023

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banks vs brokers

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People also ask:

Why brokers Are Better Than banks?
Brokerages are often smaller than banks. And if you work with a broker, it's likely you'll have more human-to-human contact as the two of you work through your loan application. Your real estate agent or Realtor can give you referrals for reputable brokers in your area if you want to go this route.
What is the difference between a broker and a bank?
A mortgage broker acts as an intermediary by helping consumers identify the best lender for their situation, while a direct lender is a bank or other financial institution that decides whether you qualify for the loan and, if you do, hands over the check.
Is it better to go with a local bank or a mortgage broker?
If meeting with lenders face to face is important to you, a local bank with a good reputation is a sound choice. Local banks may also have better rates or lower fees than online options do. Both types of lenders offer mortgage pre-approval.
Do brokers work in banks?
A mortgage broker acts as a middleman between you and lenders when you're shopping for a home loan. Most mortgage brokers work with a variety of lenders, including banks, credit unions and private mortgage companies, which allows them to offer you a wider range of choices.