Updated over 4 years ago on . Most recent reply
Mortgage Broker v Finding my Own Lender
I'm in the process of getting my pre-approval and was wondering if I should go through a mortgage broker or shop around my local banks to find a lender myself. My situation is not all that unique, I'm a first time home buyer looking for an FHA loan on multifamily so shopping around myself wouldn't hurt.
Understandably, mortgage brokers have a wide breath and depth of lenders in their pocket and would be more knowledgeable but what is the trade off of higher fees rather than searching for my own lender through my local community banks? Pros and cons of both?
Can I source lenders myself and have a mortgage broker bring lenders to the table as well? Or would this be duplicative work on my end?
Appreciate any and all feedback.