Mortgage Broker or Bank - Which should(n’t) you use

I often get asked, “Why should I use a mortgage broker versus going to my local bank or going through the internet?“ The latter part of the question is the easy one to answer. Unless it is a major well-known company, you are taking a big risk. Yes, I am in a way hurting myself by making that comment because Knightlines is not a major well-known company on the national level, but that has also never been our goal. In our local market, we are well-known. The risk you run is that you are giving out all your personal information (social security, bank accounts, etc.) to an unknown.

I can go on about the internet, but this post is going to focus more on the difference between broker and banker (Please note that I am not saying mortgage banker because that is a separate issue). The way I always relate the two is like this: A mortgage broker offers his/her rates at wholesale, and the bank offers its rates at retail. And then I go on… Read More.