Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for coliron

Bank vs. Mortgage Broker

My husband and I want to buy a larger home. Should we go to a bank for a loan or get a loan through a mortgage broker?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 27 2009 - Gresham
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (12)

Andy...You ain't seen nothing yet!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 02 2009
Hi Wayne,

Thanks, I did search for newest however I focus on my State only- which comes up with limited results.

Also, most buyers with this question are still active since this is for a purchase and upgrade on dwelling- likely taking time to sell their existing home and finding a new home.

Additionally, some of the comments made I feel were unnecessary and they needed more direct and sound advice.

Thanks for the heads up on dates.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 02 2009
Andy

I know that you are new on here but this question is over a month old.

You should check that when you write or sort for newest vs latest comment.

Good luck on here.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 02 2009
That is a great question and it comes down to who you are comfortable with and who is reputable and experienced (Loan officer at the bank vs. Mortgage Broker).

The retail vs. wholesale lending channels can be confusing for consumers.  My personal suggestion would be to compare estimates with a local broker and with your local bank for the same day.  Service will only be known by reputation and results others have had.  As we say, well done is better than well said (BF).

On our website under free reports there is report titled "Mortgage broker vs. bank that might help. 

Good luck on your new home search and purchase!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 02 2009
Joe,

Why does it matter what someone is making?

The only thing that should matter is how much the consumer is paying!

If I am making a little more but you are paying less...Will you choose to work with the LO that is making less but charging you more?  I am guessing the answer to that is NO. 

All bringing in what either side is making does is confuse the consumer.  A good loan officer bank or broker will work for X the consumer knowing what that X is shouldn't impact the decision to use them or not.

Name any other product or service you buy that the profit margin and not your cost determines where you buy the product or service from?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 29 2009
Brokers are required to provide full disclosure when it comes to pricing. Banks, Credit Unions and Mortgage Bankers are not. With a Broker you will notice they must disclose YSP "Yield Spread Premium". The other entities are not required to do so. You never know exactly how much a Bank, CU or MB is making off of your deal. With a Broker you know exactly how much they are making. 

Choose a few brokers and a few banks, all with high Zillow ratings, and request a good faith estimate. See how fast they respond, how much their costs differe (with the same rate) and then commit yourself to one lender and move forward.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 29 2009
Andrew is right on this one, but in addition to the spelling the difference is in disclosure requirements. Read the fine print and ask a lot of questions. Either way you are paying for a service whether retail or wholesale. I can bank or broker and I still lose deals to either side. Go with your gut. Best of luck!

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 29 2009
What matters is the amount of experience along with how ethically the person you chose conduct their business. This can vary within the same organization. .... Happy funding, Rudi Hofmann
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 28 2009
Michael....Will the process be better with an inexperienced banker?

I have no problem competing with any broker.  I have lost just as many deals to bank loan officers that are willing to work for less than I am.  It is either Naive or some kind of sales pitch to argue that the difference to the consumer is anything but spelling! 


The answer is a big NO!

From your Upfront Zillow Lender!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 28 2009
Brokers stay in business because they beat banks.

really?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 27 2009
Your best deal and your worst experience will come from a broker.

Brokers stay in business because they beat banks.  But if you get an inexperienced broker you may not have the best experience.

Find an experienced individual who listens to you.  Check the Mortgage Professor's web page.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 27 2009
You should get a loan based on the person you are dealing with not who they work with.  The difference between the two is a sales pitch that each other uses...when push comes to shove there is no difference.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 27 2009
 
Related Questions
VA IRRL refi on 1st or combine 1st and 2nd?
Profile picture for Daniel Sa
Latest answer by Daniel Sa
October 27 2013 | 3 answers
  • Asked by user4365845
  • In Refinance
  • January 05 2013
what's the amount of down payment for a house?
Profile picture for Santino Fillpelli
Latest answer by Santino Fillpelli
October 13 2013 | 5 answers
  • Asked by user3469379
  • In Mortgage
  • June 19 2013
What can I do to get more (or better) quotes for my loan request ZR-ZNKQQHW
Profile picture for Norm  D Plume
Latest answer by Norm D Plume
April 16 2012 | 3 answers
  • Asked by user2353935
  • In Refinance
  • April 15 2012
how often is Zillow updated & where does it get the info regarding monthly payments?
Profile picture for cbrown1761
Latest answer by cbrown1761
July 25 2011 | 3 answers
  • Asked by cbrown1761
  • In Mortgage
  • July 24 2011
Bank vs. Mortgage Broker
Profile picture for Andrew Adams
Latest answer by Andrew Adams
September 02 2009 | 12 answers
  • Asked by coliron
  • In Mortgage
  • July 27 2009
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1023 SE Hacienda Ln, Gresham, OR Home For Sale
    1023 SE Hacienda Ln, Gresham, OR 97080

     For Sale: $299,900

    • Beds: 3
    • Sqft: 1934
    • Baths: 2.0
    • Lot: 8276
  2. 18045 SE Main St, Portland, OR Home For Sale
    18045 SE Main St, Portland, OR 97233

     For Sale: $189,900

    • Beds: 3
    • Sqft: 1172
    • Baths: 1.0
    • Lot: 8276
  3. 1519 SE 24th Cir, Troutdale, OR Home For Sale
    1519 SE 24th Cir, Troutdale, OR 97060

     For Sale: $249,000

    • Beds: 3
    • Sqft: 2322
    • Baths: 2.0
    • Lot: 13503