Is It Easier To Get a LOan From The Bank or a Mortgage Broker?

I am biased, but a mortgage broker still has more options in this crazy time, and we are cheaper.  Banks are trying to raise capital, and that is part of it.

I think that it depends on the credit score, capital and individual client needs.  If your client has a 720 or higher credit score, great income, huge downpayment and fits into the banks program, there is no question that the bank is better for the client.

On the other hand, if the client is not so perfect, a good mortgage broker, who has access to multiple programs and lenders is the best bet!!

My experience has been the Mortgage Brokers have more options.

I just got a loan closed in 7 business days from first contact from the client. A name brand bank had "played around" with the loan for about one month, telling the borrower over and over that everything would be fine. The borrower is in the business, knew she was being lied to and had her paperwork very well organized. I was given a great file and took it to one of my niche lenders that still do exist even in these crazy times. Banks don't stand a chance against a good Broker. Also, in these times, Brokers don't need to be approved with every single lender, just the right ones!

I would think that if you were a gold-plated loan candidate... a mortgage banker would be better.  But... if your loan qualifications were even a little suspect... I would guess that there would be more options for you with a mortgage broker.

I would think that if you were a gold-plated loan candidate... a mortgage banker would be better.  But... if your loan qualifications were even a little suspect... I would guess that there would be more options for you with a mortgage broker.

I keep friends on both ends. I tend to do a lot more business with mortgage brokers though. Maybe that says something?

Being active in both arenas I would say the bank on certain deals and brokers on others. Unique property's need the bank. Its a toss up!