What is the difference in getting your home equity or mortgage though a Broker vs a Bank?

A mortgage broker can be thought of as a middleman; they will usually do the shopping for lenders to try and find a suitable rate for their client Many of the lenders through which the broker finds loans do not deal directly with the public (hence the expression, “wholesale lender”). However, they will also shop the banks as well to find the best rate.

Dealing with your bank or a local bank could be easier if you have an established relationship. A bank can give you direct loan approval, You’ll also find you need to do the leg work to find the best rate. You will need to apply at multiple banks and be approved by several, bringing offers back and forth to get the best interest and terms. In addition, if you present your loan application in a poor light, you’ve already made a bad impression.