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15. Mortgage Basics - Mortgage Broker or Lender Direct

Mortage Broker or Lender Direct?

When shopping around for a mortgage, there are now more options to choose from than ever before. You can apply for a mortgage the traditional way through the bank that you're associated with, but you also have the option of going through a mortgage broker, a credit union, professional or trade associations, the financial institution that manages your investment accounts, housing agencies, private home financing companies, or even the seller direct. With so many options, how do you decide which is the right one for you?


Despite the myriad of choices, what it comes down to is a question of whether you want to go through a mortgage broker or apply with the lender directly.

Mortgage Broker:
 
Mortgage brokers are the middlemen that will put you in touch with a lender that may meet your particular needs. They are not the ones who actually lend you the money, and are independent of banks or other financial institutions. What a mortgage brokers can do is to present inexperienced borrowers with a variety of lender options, and help in selecting a mortgage lender based on the financial and personal information that the borrower provides. They can also help in organizing the necessary paperwork, arranging title searches and property appraisals, and may be useful for those who have been rejected from most lenders.

However, there is an inherent conflict of interest because most mortgage brokers are paid on a commission based on how much you borrow. Therefore, always ask to be presented with different options before making your final decision.

Lender Direct:

If you decide you want to shop around for a mortgage yourself and avoid the middleman, you may find that you can save time and money if you go to the source of the loan directly. Some lenders, including those that offer the lowest mortgage rates, don't advertise through mortgage brokers. Check the real estate section of your local newspaper to get an idea of the lenders available in your area. You can also do a search on the internet for a mortgage loan, or contact HSH Associates, the nation's largest listing of mortgage information, which publish a weekly list of dozens of lender's rate quotes for most metropolitan areas. Their phone number is 800-873-2837.

How to Choose:
 
Whether you choose to go with a mortgage broker, or deal with a lender directly, there are so many to choose from that you may not know where to start.

You can begin by finding out how the industry is regulated in your state by contacting either the state's department of banking or division of realty and finding out if your particular broker or lender is licensed and in good professional standing. The Library of Congress, which has in index of state and local government web sites, is a good place to start.

If your state does not require that brokers be licensed, check with the local Better of Business Bureau to see if there have been any complaints about your lender or broker. You can also ask your real estate agent or friends and family for recommendations, but maintain a healthy skepticism, and always do your own research.

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