Mortgage Broker Or Bank Which Is Better?

Q: We’re in the market for a new home. Should we go to a bank or use a mortgage broker to get a home loan? (Mortgage Broker Or Bank-Which Is Better?) Vincent, Union City, NJ

A: That’s a great question, Vincent. The first place people normally turn when they want to get a mortgage is their local bank, normally because it’s the first thing that pops into their mind. However, most people want to get the lowest interest rate and best loan they possibly can when they buy a property and I’ve found that mortgage brokers normally are better than banks. The reason is simple, mortgage brokers work with a variety of lenders not just one, so they can shop around for the lowest rate and best loan product to fit your specific needs. Thanks for your question, Vincent. Good luck. For more real estate tips and information, visit I’m Gerald Lucas and I’ll see you again soon.