Which is better? Mortgage from a bank or Independent Mortgage Co

Question

I am about to purchase my private residence. I have been working with a mortgage broker from a bank but I am looking to get the best loan package possible.

Is it better to go directly to a bank for a mortgage, or go to one of these private businesses/mortgage companies that operate in strip malls or individual offices.

Basically my question is this, if I go to the bank, am I going directly to the source so I can get a better loan package, or is it better to go to one of these independent mortgage companies?

Thank you so much

Account Closed · Answer

Whoever has the lowest rate.

Sean Price · Answer

Thank you for the responses. Basically what I am gathering is that it is best to go ahead and shop around and call both to see who can offer the best loan package.

Thanks again everyone.

Pat L. · Answer

We went through this several years ago when we bought my aging mother an expensive condo with 40% down.

The banks were not that friendly as it was NOT going to be our principal residence (but we held title for obvious reasons).

So we sat down with an independent mtg broker only to get a mtg from one of the banks that originally denied us???

Since then we have found it expeditious to go the Independent broker route.

Charlie Fitzgerald · Answer

There are on-line mortgage shopping sites that will tell you which lender has the lowest rate and fees for your transaction based on the numbers you put in. Try one.

Dan Mackin · Answer

Always shop around. Try the banks as well as the independent brokers. There is no definite answer. It's all dependent on what offers you are given. Don't worry about the credit too much as long as you're shopping around during the same timeframe.

Which is better? Mortgage from a bank or Independent Mortgage Co

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